Nikal Ltd (03668294): administration
- Status
- In administration
- Administration began
- 2024-10-17
- Administrators
- Mark Weekes, Paul Stanley
- Administrators' firm
- Begbies Traynor
- Formerly
- Nikal Investments Limited; Marplace (Number 435) Limited
- Incorporated
- 1998-11-16
- Location
- Manchester
- Industry
- 68100 Buying and selling of own real estate
Why it went into administration
- COVID-19
- Rising costs / inflation
- Property / lease costs
- Management failings / irregularities
- Rising interest rates
- Brexit
From the administrators' statement
The Company was incorporated on 16 November 1998 by David Fitzgerald, with the current director, Alan Murphy (‘the Director’), appointed on 23 December 1998.
The Company was originally incorporated to hold a single investment property in the UK, Marplace (Number 435) Ltd, before trading accelerated in 2003. At this point the Company changed its name to Nikal Investments Ltd. The current name was adopted on 10 May 2004.
The Director was the main financier. Nicholas Payne (director from 2 January 2003 to 28 January 2021) was the CEO and brought a wealth of knowledge in the property industry. Stephen Robinson (director from 27 January 2006 to 16 April 2021) was a chartered account and the CFO. Michael Cochrane acted as a Non-Executive Director. The business was that of property development and a number of moderately sized sites were acquired, developed and sold at profit. Early in the Company’s trading an opportunity arose to become involved in the redevelopment of a major site in central Birmingham. This was affected through a three-way joint venture of RBS Property Ventures (“RBS”), David McLean Homes and Nikal Itd who each held a 50%, 25% and 25% interest respectively.
Administrators' statement of proposals (2024-12-10) · Companies House register