Osborne House (Ladye Bay) Limited (05029150): administration
- Status
- Administration ended
- Administration began
- 2012-07-19
- Administrators
- Paul David Wood, Henry Anthony Shinners
- Administrators' firm
- Evelyn Partners
- Formerly
- Osborne House (Ladye Bay, Clevedon) Limited; Panda Projects (UK) Limited
- Incorporated
- 2004-01-29
- Location
- Bristol
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- Regulatory change or action
From the administrators' statement
Osborne House (Ladye Bay) Limited traded as Osborne House, a residentral care home specialising in dementia cate It was registered with the Care Quality Commission (“CQC”) for 30 residents in 28 bedrooms and benefitted from both local authority and privately funded residents The local authority 1s North Somerset District Council Since the home was purchased by the company over {1m has been spent on refurbishment and an extension to the property
The director, Rex Mackrill, was referred to Smith & Williamson LLP by his accountants Hazelwoods following discussions with them regarding the financial position of the company The company’s bankers Royal Bank of Scotland plc (“RBS”) had also expressed concern and had engaged an independent firm of accountants to prepare a report regarding the viability of the business The first meeting with Mr Mackrill was on 9 July 2012
At that meeting the director was able to evidence that the company was insolvent on a balance sheet basis as 1ts lrabilities exceeded the value of its assets The director also had concern that the company would also soon be trading at a loss as the number of residents had declined to only 19 against a registration of 30 In view of the high level of debt secured against the value of the property and business the director was unable to envisage being able to clear the bank debt and therefore decided that the company should be placed into admunistration Gateley Solicitors have confirmed the validity of the joint admunustrator’s appointment
Administrators' statement of proposals (2012-09-12) · Companies House register