Brunswick Mansford (Swansea) (Phase II) Limited (05001698): administration
- Status
- Administration ended
- Administration began
- 2013-12-10
- Administrators
- Robert James Harding, Richard Michael Hawes
- Administrators' firm
- Deloitte
- Incorporated
- 2003-12-22
- Location
- Cardiff
- Industry
- 41100 Development of building projects
Why it went into administration
- Property / lease costs
- Funding withdrawn / unable to refinance
From the administrators' statement
The principal activity of the Companies was that of property development and management and the letting of a lersure complex situated at Salubrious Place, Wind Street, Swansea
As outlined in section 2, the Secured Creditor advanced facilities totalling £31 5m in May 2007 in order to refinance ther existing borrowing
During the latter part of 2012 and early 2013 both of the loans fell into arrears due to a number of tenants failing to meet their obligations under their leases, primarily in relation to payment of rent This prompted Brunswick Swansea to default on its debt obligations to the Secured Creditor and a default by Brunswick Phase II looked increasingly likely
Administrators' statement of proposals (2014-02-06) · Companies House register