Rupen Estates Ltd (02930438): administration
- Status
- Administration ended
- Administration began
- 2019-11-27
- Formerly
- Manorcrown Limited
- Incorporated
- 1994-05-18
- Location
- Norwich
- Industry
- 68209 Other letting and operating of own or leased real estate
Why it went into administration
- Property / lease costs
- Cash flow / liquidity pressure
- Brexit
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 18 May 1994 as Manor Crown Limited before changing its name to Rupen Estates Limited on 30 January 2012 as a business which undertakes the leasing and sub-letting of office space to third party tenants. The Company initially eased premises at Carlton House, Stamford where it sub-let 8 office units to third party tenants. In 2011 the Company leased further premises at Blenheim Court Business Centre where it sub-let a further 22 office units.
In early 2015 the director at the time, Brian Thurston, and his wife Sharon Thurston who is an ex-director and now sole shareholder of the Company contacted George Richard Wilson (known as Richard Wilson) to advise that they were considering retiring to Spain and wanted to ascertain whether Mr Wilson would be interested in taking over as director and make an investment of £200,000 into the Company. He could not afford that and it was agreed that he could pay the £200,000 by way of a monthly consuitancy fee of £2,500 over a number of years and he would receive shares in the Company once these monies had been paid. Mr Wilson was appointed as director and company secretary on 10 July 2015 and Mr Thurston resigned on the same day. Despite some breaks in payment funds totalling £131,940 were paid to Mr & Mrs Thurston in consultancy fees between 1 August 2015 and 1 May 2019. We understand that there is a dispute as to whether the amounts paid to Mr & Mrs Thurston represent consultancy fees or a loan which is repayable.
During the first few months the business ran smoothly but it soon became apparent to Mr Wilson that the business was facing difficult times. The style and location of the premises meant that tenants tended to be small start-up businesses often from Eastern Europe that used the premises as a stepping stone. This meant that the turnover of tenants was high, in particular when Brexit loomed large in June 2016 this led to a reduction in the number of start-up businesses from Eastern Europe and the style, location and lack of investment in both premises meant that it was hard to attract new tenants. Both premises also faced increased competition from other premises in prime locations offering better facilities such as parking and broadband, modern décor and hence were more sought after by well established businesses.
Administrators' statement of proposals (2020-01-10) · Companies House register