# Bradford Property Restoration Ltd (02923775)

> Why UK company 02923775 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/02923775

- **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

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/02923775/filing-history/MzExOTU4MzcyMWFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/02923775

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.