Wharf Land Investments Limited (04691796): administration
- Status
- Administration ended
- Administration began
- 2013-03-05
- Administrators
- Daniel Francis Butters, Robert James Harding, Nicholas Guy Edwards
- Administrators' firm
- Deloitte
- Incorporated
- 2003-03-10
- Location
- Birmingham
- Industry
- 41100 Development of building projects
Why it went into administration
- Cash flow / liquidity pressure
- HMRC / tax arrears
From the administrators' statement
The Company faced financial pressure as a result of the economic downturn which severely affected the property market from 2008 Most of the Company's projects stopped because further funding was required to enable planning consents to be obtained which would enhance land values Additionally property values kept falling, which left the Company unable to realise any of tts interests under the property advisory agreements
However, continuing employee costs and operational expenses had to be met, which put additional cash pressure on the Company
The loan provided by the Bank to Humber Land 1 to finance the purchase of the freehold industrial site in Grimsby expired in August 2012 The Bank was willing to give time to the Directors to assess if the Company and/or Group could be restructured and the outstanding bank debt of approximately £5 6m settled Although the rental stream continued to service this debt the facility has not been renewed by the Bank
Administrators' statement of proposals (2013-05-03) · Companies House register