Magnum Hatfield Nominee 2 Limited (04290045): administration
- Status
- Administration ended
- Administration began
- 2011-05-13
- Administrators
- Brian Green, Paul Andrew Flint
- Administrators' firm
- KPMG
- Formerly
- Jarvis Hotels Hatfield Nominee 2 Limited; Placehurst Limited
- Incorporated
- 2001-09-19
- Location
- Manchester
- Industry
- 7499
Why it went into administration
- Property / lease costs
- Funding withdrawn / unable to refinance
From the administrators' statement
From January 2010, receipt of interest payments due to the Lenders from SIHIL were delayed as a result of late payment of rent from Jarvis Rent was paid in several instalments which cleared the interest that accrued to the end of January 2011 However, rent accruing to April 2011 was not paid by Jarvis and hence interest accruing to April 2011 was not paid by SIHIL This totalled £846,340
Jarvis Hotels Limited 1s 1n the process of undergoing a restructuring of its lending and its hotel portfolio which has not been finalised at the date of this report Negotiations were held between SIHIL, the Lenders and Jarvis to resolve the issues with ongoing rent payments While negotiations were ongoing, the Lenders instructed KPMG LLP to conduct a contingency planning exercise which identified potential short term alternative operators for the hotels
Jarvis could not agree the minimum rent levels acceptable to the Lenders and, faced with the threat of an insolvency of Jarvis Hotels Limited and a hand back of the hotels, SIHIL and the Lenders had little alternative but to take possession of the hotels
Administrators' statement of proposals (2011-07-13) · Companies House register