Magnum Penns Hall Nominee 2 Limited (04251154): administration
- Status
- Administration ended
- Administration began
- 2011-05-13
- Administrators
- Brian Green, Paul Andrew Flint
- Administrators' firm
- KPMG
- Formerly
- Jarvis Hotels Penns Hall Nominee 2 Limited; Fallonclose Limited
- Incorporated
- 2001-07-12
- Location
- Manchester
- Industry
- 5510
Why it went into administration
- Property / lease costs
- Funding withdrawn / unable to refinance
From the administrators' statement
Magnum Penns Hall Nominee 2 Limited was part of a corporate investment structure set up by Strategic Investment Management Partnerships in August 2006 SI Hotel Investments Limited (SIHIL) purchased three hotels from Jarvis Hotels Limited in August 2006 under a sale and leaseback agreement The hotels were dual branded Ramada and Jarvis and are located at Gatwick, Hatfield and Sutton Coldfield (Penns Hall)
Two nominee companies were set up for each hotel The Company owns 50% of the legal title to the Penns Hall hotel, with the beneficial title being held further up the structure by a separate company
SIHIL raised £14 6 milhon from approximately 140 individual private equity investors These funds, together with lending from a Lender syndicate comprising Nationwide Building Society and Britannia Building Society, were used to buy the hotels The purchase price was £73 25 million including costs
Administrators' statement of proposals (2011-07-13) · Companies House register