Ridgeplatinum Limited (05455494): administration
- Status
- Administration ended
- Administration began
- 2011-11-25
- Formerly
- Newincco 447 Limited
- Incorporated
- 2005-05-18
- Location
- Manchester
- Industry
- 5510
Why it went into administration
- Cash flow / liquidity pressure
- Sustained trading losses
From the administrators' statement
2.4 The Company purchased the freehold to the Hotel in October 2005 with funding being obtained from Barclays Bank PLC (the Bank). Birmingham City Council (the Council) granted planning permission in December 2006 for an extension of the Hotel and the Company began negotiations with a third party to develop and manage the Hotel. Discussions were not successful and the Company obtained consent from the Council in May 2008 to carry out the original extension in phases.
2.2 The Bank was prepared to provide 50% of the necessary funding for the extension. The Company and the Bank therefore sought to find a private investor for the remaining finance, however this proved unsuccessful.
2.3 Zolfo Cooper LLP was introduced to the Company’s director in April 2010 by the Bank and it worked closely with both parties to consider the options available. The Hotel continued to be loss making and suffer cash flow difficulties during the period. After marketing the Hotel for over a year, a sale of the Hotel and its business was agreed on 25 November 2011, at the same tlme as the appointment of the Joint Administrators.
Administrators' statement of proposals (2011-12-21) · Companies House register