Prospect Land Limited (03226751): administration
- Status
- Administration ended
- Administration began
- 2019-03-21
- Administrators
- Richard Paul Rendle
- Administrators' firm
- BDO
- Incorporated
- 1996-07-18
- Location
- Solihull
- Industry
- 41100 Development of building projects
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
- Rising interest rates
From the administrators' statement
1.4
Prospect Land Ltd (“Company” or “Prospect Land”) was incorporated in July 1996. The business concept was to set up a property trading and development company focused on the market towns of south-west England. Essentially, the strategy was two-fold. Firstly, the Company was to buy or control through option agreements, residential development land which would then be sold to national house building companies once planning consent had been obtained. The second aspect of the business was the development of industrial parks where either the serviced land was sold to occupiers or the completed industrial units were sold or let.
The key individuals were Nick Dowdeswell and Tony Fowler — who were both directors. Initially Nick Dowdeswell was the sole shareholder but on 4th December 1998, he transferred 50% of the shares to Tony Fowler. In 2001, the share capital of the company was increased and Tony Fowler and Nick Dowdeswell transferred 24 shares each to their respective wives leaving them with 26 shares each.
Administrators' statement of proposals (2019-05-31) · Companies House register