Charismatic Properties Limited (04232267): administration
- Status
- Administration ended
- Administration began
- 2013-01-25
- Administrators
- Gordon Craig
- Administrators' firm
- Refresh Recovery
- Incorporated
- 2001-06-11
- Location
- Skelmersdale
- Industry
- 4545
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Property / lease costs
- Rising interest rates
From the administrators' statement
The company was incorporated on 11 June 2001 and was established to be a Property Development Company based in Sefton, Liverpool The Company has two Directors, Dominic McDermott and Philip Chesters, who are also the equal shareholders in the Company
In 2002 the Company undertook a redevelopment of a Chapel with a view to turning it into a five Bedroom property which was completed in 2004 creating a profit of £80,000
Towards the late of 2004, and following the success of this first project, the Directors approached National Westminster Bank plc (“Nat West”) for a loan to purchase a property at 111 Chester Road, Helsby, Cheshire The Bank agreed to advance the Company £255,000 which, in conjunction with the profit from the first development, was used to purchase the Property and fund the redevelopment
Administrators' statement of proposals (2014-04-01) · Companies House register