Wooldridge Developments Ltd (04227308): administration
- Status
- Administration ended
- Administration began
- 2024-02-28
- Administrators' firm
- Quantuma
- Formerly
- Heronsbrook Homes Limited
- Incorporated
- 2001-06-01
- Location
- Watford
- Industry
- 41202 Construction of domestic buildings
Why it went into administration
- Loss-making contracts / project overruns
- Parent or group failure
From the administrators' statement
Nicholas Simmonds and Chris Newell of Quantuma Advisory Limited were first approached by the Company’s Directors in January 2024. A letter of engagement was subsequently issued on 29 January 2024 following various discussions. It was signed and returned on the 31 January 2024.
It was agreed that the Company was insolvent on both a balance sheet basis and on a cash flow basis, as the Company could not pay its debts as and when they fell due, without continued financial support.
On 25 January 2024, prior to the commencement of the Administration, the Company had entered into an assignment to VV Contractors of an Option Agreement and Agreement for Lease on a site in Hurst Green. Francis Pearce Partnership Limited t/a Leslie Keats, a quantity surveyor firm, subsequently reviewed this transaction and an agreement was made regarding the appropriate consideration which would be paid. Further details can be found in the SIP16 disclosure.
Administrators' statement of proposals (2024-05-01) · Companies House register