PB Properties (UK) Ltd (03515336): administration
- Status
- Administration ended
- Administration began
- 2018-01-18
- Administrators
- Edward Terence Kerr, Sarah Megan Rayment
- Administrators' firm
- BDO
- Incorporated
- 1998-02-23
- Location
- Nottingham
- Industry
- 68209 Other letting and operating of own or leased real estate
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Property / lease costs
From the administrators' statement
PB Properties (UK) Ltd was incorporated on 23 February 1998. Prior to Administration, the Company’s registered office was at Leicester Business Centre, 111 Ross Walk, Entrance D Unit 2, Leicester, LE4 5HH.
The Company managed and tet a leasehold property at 14-20 (known as 20) Princess Road West, Leicester LE1 6TY (“the Property”). The purchase of the Property in 2003 was initially financed by a secured loan from Northern Rock PLC. In 2005, the Company refinanced the secured lending on the Property with a loan for £980,000 from Svenska Handelsbanken AB (Publ) (“the Bank”).
The Company had successfully let the Property to tenants for over 14 years. The last tenant had been in occupation since 2013, however, in Aprit 2017, they gave notice that the premises were no longer required. The directors immediately appointed agents to start actively marketing the Property to find a new tenant. There has been no tenant since June 2017.
Administrators' statement of proposals (2018-03-21) · Companies House register