Warner Estate Management Limited (03595380): administration
- Status
- Administration ended
- Administration began
- 2013-08-28
- Administrators
- Mark Newman, Vincent John Green
- Administrators' firm
- CCW Recovery Solutions
- Formerly
- Custombasic Limited
- Incorporated
- 1998-07-09
- Location
- Tunbridge Wells
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- Property / lease costs
- Parent or group failure
- Loss of a key customer, supplier or contract
- Rising interest rates
- Weather / natural events
From the administrators' statement
Warner Estate Holdings Pic (“Holdings”) ts the ultimate shareholder of WEM, Al and AAM and Its principal business was property asset management, together with property investment, in the United Kingdom Holdings also entered into administration on 28 August 2013, with Mark Newman and James Snowdon being appointed Joint Administrators Whilst a separate set of proposals has been prepared for Holdings, the failure of Holdings, and a number of its subsidiaries, was as a result of the events described in this report Holdings and its subsidiaries are collectively referred to as “the Group” for the purposes of this report
WEM ts a wholly owned subsidiary of Hoidings, and its main business was to act as the management company for the Companies, and other companies within the Group WEM bore the day to day administration expenses, which it subsequently re-charged to various companies Ail of the employees’ contracts of employment were with WEM
Al is ultimately a wholly owned subsidiary of Holdings, with tts immediate parent company being Warner Estate Property Limited Al did not trade and its only asset was a 33 33% equity interest in Ashtenne Industrial (General Partner) Limited (the GP) The GP acted as the advisory company to the Ashtenne Industrial Fund (AIF) The GP also owns 180,000 units in AIF (less than 0 1% of the Fund) Whilst Al was dormant, the equity interest in the GP 1s inextricably tied to Holdings and its subsidiaries
Administrators' statement of proposals (2013-10-25) · Companies House register