Property Edge Lettings Limited (04227564): administration
- Status
- Administration ended
- Administration began
- 2012-01-27
- Administrators
- Anne Clare O'Keefe, Fraser James Gray, Simon Wilson
- Administrators' firm
- AlixPartners
- Incorporated
- 2001-06-01
- Location
- Manchester
- Industry
- 7012
Why it went into administration
- Sustained trading losses
- Cash flow / liquidity pressure
- Creditor pressure / legal action
From the administrators' statement
21 The Company was incorporated on 1 June 2001 and its main activity 1s property development The Company owns a 32 bedroom hotel (the Hotel) and a 22 holiday apartment complex (the Apartments) both located in Bude, Cornwall, as well as six residential flats in Exeter (the Flats)
2.2 The Hotel has been loss-making since trading commenced in June 2011. Market conditions and a lack of pre-opening marketing led to the Company selling heavily discounted deals, resulting in increasing cash pressure
23 The Company's financial position was further compounded when a winding up petition was presented against the Company on 15 July 2011 This was due to be heard on 27 February 2012
Administrators' statement of proposals (2012-03-06) · Companies House register