DJV Management Limited (05017888): administration
- Status
- Administration ended
- Administration began
- 2013-02-18
- Administrators
- Anthony Harry Hyams, Lloyd Edward Hinton
- Administrators' firm
- Marriotts Recovery
- Incorporated
- 2004-01-16
- Location
- London
- Industry
- 55100 Hotels and similar accommodation
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
- Property / lease costs
- Cash flow / liquidity pressure
- Competition / price pressure
From the administrators' statement
DJV was incorporated on 16 january 2004 by Mark Vernon (“Mr Vernon”), David Betteridge and his son Joseph Betteridge in order to purchase and trade the Flackley Ash Hotel (“the Hotel”) incorporating a restaurant and spa The Hotel was part of the Best Western group of hotels, the world’s largest hotel chain It is situated in the village of Peasmarsh, East Sussex, close to the border of Kent, a pleasant rural village north of the historic town of Rye Mr Vernon's tenure as a director was for a period of only 12 months at which point he severed ties with the Company
Finance to acquire the Hotel was provided by DJL. of £1,850,000 and a mortgage of £1,100,000 provided by Skipton Building Society (“Skipton”) Additional borrowing was provided by Skipton in 2005 to acquire the Coach House and the Company’s bankers, National Westminster Bank Pic (“NatWest”) provided a current account, overdraft facility and business loan The Directors have also injected personal funds into the business As security, Skipton was granted Charge Deeds on 26 July 2004 and 16 March 2005 and NatWest was granted a Legal Charge on It February 2011 supported by the personal guarantees of the Directors up toa limit of £140,000 In September 2012 DJV also entered into an agreement with Boost Capital (“Boost”) to take advantage of a cash advance program Essentially, Boost reviews a company’s debit/credit card transactions and if these exceed a certain level, it will purchase a percentage of future transactions in return for payments in advance As the advance is a purchase of future transactions and 1s tailored to fit the business, a small percentage of daily transactions is used to repay the advance. Repayment to Boost ts made automatically by the card processor negating the …
The Hotel has 45 en suite guest bedrooms split over 3 floors, a restaurant arranged on 2 levels with capacity for functions of up to 120 people, a conservatory adjoining the restaurant and providing additional seating for up to 50 people, a bar lounge with seating for 22 people and a function/conference room at the rear of the hotel with a capacity for up to 70 people for weddings or up to 90 delegates theatre style for conferences/meetings
Administrators' statement of proposals (2013-04-23) · Companies House register