Grandcross Limited (03488922): administration
- Status
- Administration ended
- Administration began
- 2019-12-10
- Administrators
- Rebecca Jane Dacre, Simon David Chandler, Scott Christian Bevan
- Administrators' firm
- Mazars
- Incorporated
- 1998-01-06
- Location
- Bristol
- Industry
- 86900 Other human health activities
Why it went into administration
- Creditor pressure / legal action
- Property / lease costs
- Parent or group failure
- Cash flow / liquidity pressure
- Bad debts / customer insolvency
- Regulatory change or action
From the administrators' statement
The Company is part of the Four Seasons Healthcare Group (“the Group”), with Elli Investments Limited (“EIL”), a Guernsey registered company under number 55185, and Elli Finance (UK) Ple (“EFUK”), being holding companies in the Group. The Group is a leading care home and specialist care provider in the UK.
It is understood that the Group experienced financial difficulties and ETL and EFUK were placed into administration on 30 April 2019. Other companies within the Group were not placed into administration at that time and continued to trade.
Specifically eleven companies, including the Company, within the Group (“the Companies”) provided healthcare services to residential patients in care homes, and a childcare nursery, from properties which are leased from either Healthcare Property Holdings Limited (“HPH”) or Healthcare Holdings Limited (“HHL”) (“the Landlords”). A schedule of the 11 Companies, their respective care homes and the trading addresses is provided at Appendix A2. HPH and HHL are also sole secured creditors of a number of the Companies. HPH and HHL also have the benefit of separate contractual call options under the terms of the leases which, should default arise and if exercised, give them the option to acquire certain assets of the Companies which the leases define, but which broadly cover the fixtures and fitting necessary to operate a care home, chattels and other tangible assets, for £1 (“the Call Options”).
Administrators' statement of proposals (2020-02-04) · Companies House register