# Magnum Penns Hall Nominee 2 Limited (04251154)

> Why UK company 04251154 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/04251154

- **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- Funding withdrawn / unable to refinance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

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/04251154/filing-history/MzA0MDQwMTAzMWFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/04251154

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.