MAX Hotels (York) Limited (05404182): administration
- Status
- Administration ended
- Administration began
- 2012-06-29
- Administrators
- Colin David Wilson, Timothy John Edward Dolder
- Administrators' firm
- RSM
- Incorporated
- 2005-03-24
- Location
- Milton Keynes
- Industry
- 55100 Hotels and similar accommodation
Why it went into administration
- Creditor pressure / legal action
- Property / lease costs
From the administrators' statement
The Company was a special purpose vehicle established to purchase the long leasehold interest in Royal York Buildings in Brighton in 2005 The Company was part of the Max Hotels group but operated as a separate company The vendor was Brighton and Hove Council who had previously occupied the building as thetr offices The building, despite being Grade II listed property, was in a very poor state Pianning and listed building consent were obtatned in 2006 to convert the building Into 51 hotel rooms with 8 residential apartments
The Company sought a development finance agreement to complete the conversion of the building AIB Group (UK) ple (“AIB”) financed the costs of redevelopment On completion, AIB financed £7 875m against a property valuation of £10 5m
The Hote! opened for trade in the summer of 2008 The Directors initially ran the site with a restaurant and bar, however, this side of the business consistently operated at a loss The Hotel effectively became a rooms-only business, which at best broke even
Administrators' statement of proposals (2012-08-14) · Companies House register