# Magnum Hatfield Nominee 2 Limited (04290045)

> Why UK company 04290045 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/04290045

- **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- Funding withdrawn / unable to refinance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

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/04290045/filing-history/MzA0MDQwMTEzOGFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/04290045

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