Bradford Property Restoration Ltd (02923775): administration
- Status
- Administration ended
- Administration began
- 2015-01-06
- Administrators
- Conrad Alexander Pearson, Patrick Alexander Lannagan
- Administrators' firm
- Mazars
- Formerly
- FEE Westgrove Securities Limited
- Incorporated
- 1994-04-28
- Location
- Manchester
- Industry
- 41202 Construction of domestic buildings
Why it went into administration
- Creditor pressure / legal action
- Competition / price pressure
From the administrators' statement
The Company was formed in 1994 as a development company It operated quite successfully through to 2008, when the Company and the balance of its development site were offered for sale Lots of interest was initially received, however, the recession of 2008 hit the property market hard, and as a result, the site sale was aborted
The Company at that time was contracted to complete a £10,000,000 development in Halifax which had been 100% pre sold to investors Due to the recession and the decline in the property market, the Company found that even with exchanged contracts, investors could not secure the necessary finance to complete their obligations and were defaulting in high numbers A large proportion of these investors were from Ireland, who’s financing and property prices had been hit even harder than in the UK
Given the position, discussions were held with Allied Irish Bank ( the Bank”), the sites funder and it was agreed that site work would be slowed down to allow the market to recover and that negotiations would open with the purchasers 1n respect of their financial arrangements
Administrators' statement of proposals (2015-03-20) · Companies House register