Redleaf VI (Ashton) Nominee Limited (05538328): administration
- Status
- In administration
- Administration began
- 2020-12-02
- Administrators
- David Philip Soden, Matthew Mawhinney
- Administrators' firm
- Teneo
- Incorporated
- 2005-08-16
- Location
- Birmingham
- Industry
- 68100 Buying and selling of own real estate
Why it went into administration
- COVID-19
- Creditor pressure / legal action
- Property / lease costs
- Weak consumer demand
- Sustained trading losses
- Competition / price pressure
From the administrators' statement
' The UK retail market has, due to a number of factors,
suffered from declining performances during recent years. Those factors include competition from onlineonly retailers, falls in discretionary spending and. changes to consumer habits. The distress suffered by the sector has led to a number of retailers using a company voluntary arrangement to either reduce their rental payment obligations or exit certain sites and, in some cases, use an administration as a means to sell their assets or wind-down their business.
A number of retailers have also sought to renegotiate lease terms such that the rent payable in respect of those leases moves to a ‘turnover’ based mechanism, rather than a more conventional passing rent. Consequently, the Companies have experienced reductions in rental income received from tenants alongside more aggressive rental terms being requested from tenants when leases are due for renewal.
Administrators' statement of proposals (2021-02-11) · Companies House register