Monnington Leisure Limited (04829361): administration
- Status
- Administration ended
- Administration began
- 2011-11-17
- Administrators' firm
- Deloitte
- Incorporated
- 2003-07-11
- Location
- Cardiff
- Industry
- 5510
Why it went into administration
- Creditor pressure / legal action
From the administrators' statement
In January 2010, the Company purchased the land and buildings of the Hotel for £1 75m from Jackson Properties Limited The purchase was financed by a loan of £1 5m from Barclays Bank PLC (“Barclays/the Bank”) secured by a fixed and floating charge over the Company's assets and £557k bridge funding from Jackson Properties Limited The bridge funding was provided by Jackson Properties Limited to fund the deposit and VAT element of the purchase In return for this funding, options on 51% of the Company's shares which were wholly owned by Anthony and Jane Jay (“the Jays”), were provided as a form of secunty to David Lewis who was a former director of Jackson Properties Limited
In January 2011, information prepared for the financial year end July 2010 highlighted that the Company was in significant financial difficulttes These accounts showed net liabilities of £293k, including £276k payable to HMR&C Furthermore, the Company had £239k of customer deposits showing in Its books but only held £20k of cash
In March 2011, with the Company having failed to make the required repayments on the bridge funding, David Lewis exercised his options on the share capital thus becoming the majority shareholder of the Company and subsequently appointed himself as a director of the Company The Jays both resigned as directors of the Company in May 2011
Administrators' statement of proposals (2012-01-02) · Companies House register