Acorn Business Park (Durham) Limited (04047590): administration
- Status
- Administration ended
- Administration began
- 2013-08-19
- Administrators
- Blair Carnegie Nimmo, Gerard Anthony Friar
- Administrators' firm
- KPMG
- Formerly
- Acorn Residential Estates (Durham) Limited; Acorn Residential Estate (Durham) Limited
- Incorporated
- 2000-08-04
- Location
- London
- Industry
- 68100 Buying and selling of own real estate
From the administrators' statement
ABP purchased 177 acres of land at Bowburn, near Newcastle, in 2005 with funding provided by the Bank The intention was to develop the site tnto a mixture of retatl and commerctal units Partial planning permission covering 60 acres was obtained in 2009
With the rapid decline in commercial property values experienced from 2008 onwards the Company’s banking facilities were not renewed when they expired in 2010
The Director continued to negotiate with the Company’s bankers and attempted to obtain further finance from third parties to allow the development to progress This was ultimately unsuccessful
Administrators' statement of proposals (2013-10-16) · Companies House register