Manorcliff Limited (04840222): administration
- Status
- Administration ended
- Administration began
- 2011-10-20
- Administrators
- Matthew David Smith, William Kenneth Dawson
- Administrators' firm
- Deloitte
- Incorporated
- 2003-07-21
- Location
- London
- Industry
- 7020
From the administrators' statement
A loan agreement in the amount of £25m was made available by BoS to MPL in October 2006, with £20m being immediately drawn down to finance the acquisition of properties There was also a cross guarantee tn place regarding this loan from each of the Companies MCL also had a loan facility provided by NR which amounted to £2 2m at the date of appointment of the Administrators
The Companies achieved sustained growth during 2007, however due to the uncertainty surrounding the UK housing market towards the end of 2007 further funding to support the extended growth of the Companies was not forthcoming
The collapse of the UK housing market resulted in a significant decline in the value of the Companies’ portfolios A factor contributing to this depression in value was the lack of geographical diversity, exposing the portfolio to regional fluctuations in property prices and demand
Administrators' statement of proposals (2011-12-16) · Companies House register