New Forest Construction Limited (04493011): administration
- Status
- Administration ended
- Administration began
- 2011-07-26
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2002-07-23
- Location
- Newcastle upon Tyne
- Industry
- 4521
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
The Company was a developer and building contractor who had traded since 2002 with the majority of the developments being undertaken by the Company and then sold to third partes The Company has only latterly worked as a contractor for other developers and local authonties
In 2010 the Company won a contract from Gateshead Council to build nine Eco Houses on Durham Road, Gateshead The Company purchased the land from the Council at a reduced rate with the Council being entitled to an overage payment, dependent upon the level of sales revenue
The Company initially approached a bank to fund the project but due to internal restnctions within the bank they were unable to fund any new projects The Company then approached Fordinghall Limited a private funder who provided the funds but took security by way of a first legal charge over the development site
Administrators' statement of proposals (2011-09-22) · Companies House register