King William Street House (No.1) Limited (04044686): administration
- Status
- Administration ended
- Administration began
- 2013-07-26
- Administrators
- Daniel James Mark Smith, William Kenneth Dawson
- Administrators' firm
- Deloitte
- Formerly
- Shelfco (No.1988) Limited
- Incorporated
- 2000-08-01
- Location
- Manchester
- Industry
- 41100 Development of building projects
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
As noted in Section 2 above, legal title to the Property is held by KWSH1 and KWSH2, but the beneficial interest in the Property Is held by Nodnol Nodno! acquired this beneficial interest in 2001 for a purchase price of £85m
The Property ts currently let until June 2014, and planning permission has been granted for a 230,000 sq ft office and retail development on the site of the Property
Nodnol informed the Lenders of a loan to value covenant breach in relation to the facility agreement Nodnol made offers to settle the loan at less than full value, but these offers were not acceptable to the Lenders, and formal demand was served on Nodnol and the Companies on 25 July 2013 for full repayment of the outstanding debt
Administrators' statement of proposals (2013-09-11) · Companies House register