88 ST James's Street (UK) Limited (05397735): administration
- Status
- Administration ended
- Administration began
- 2011-08-08
- Administrators
- Robert James Harding, Carlton Malcolm Siddle
- Administrators' firm
- Deloitte
- Incorporated
- 2005-03-18
- Location
- London
- Industry
- 7020
From the administrators' statement
Given the relatively short (48 year) tenure remaining on the Company’s leasehold interest in the Property, the directors of the Company had, for sometime been investigating the options available in respect of maximising value to the Group’s stakeholders
Dunng 2010, following independent advice from its professional advisors, the Company's directors concluded that value for all stakeholders was likely to be maximised through discussions with the freeholder, TCE, to extend the term of the lease
Discussions progressed with TCE focussing on a potential extension of the lease to 125 year duration but an impasse was reached in respect of the value sharing agreement between TCE and the Company Recognising the insolvent position of the Company (on both a balance sheet and cash flow basis) and in order to remove the impasse, the Joint Administrators, who are also appointed over the LLP, were appointed on 8 August 2011 and continue the negotiations with TCE
Administrators' statement of proposals (2011-09-19) · Companies House register