Heathvale Estates Limited (04500992): administration
- Status
- Administration ended
- Administration began
- 2012-09-27
- Administrators
- Simon James Underwood, Laurence Pagden
- Administrators' firm
- Menzies
- Incorporated
- 2002-08-01
- Location
- London
- Industry
- 68100 Buying and selling of own real estate
Why it went into administration
- Property / lease costs
- Funding withdrawn / unable to refinance
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 1 August 2002 The sole director, Mr Martin Hay, set-up the company as a property trading and investment business I attach at appendix 1 statutory Information concerning the Company
In late 2002 the Company purchased 39 Wilbury Way, a commercial property tn Hitchin, Hertfordshire, for circa £500k In 2003 the Company acquired the Trust Estate, a commercial site also in Hitchin comprising 5 separate units, for circa £3 tm Funding for the purchase of these properties was obtained from Arbuthnot Latham and the Nationwide Burlding Society
In 2004 the Company looked to refinance its existing loans =A number of financial institutions were approached with Deutsche Bank AG, London Branch (“DB”) offering the most competitive rates, albeit the value of the Company's existing property portfolio was below their minimum lending criteria
Administrators' statement of proposals (2012-11-27) · Companies House register