Balfour Homes 1 Ltd (05867362): administration
- Status
- Administration ended
- Administration began
- 2013-05-23
- Administrators
- Jane Bronwen Moriarty, Allan Watson Graham
- Administrators' firm
- KPMG
- Formerly
- Winspective Limited
- Incorporated
- 2006-07-05
- Location
- Ilford
- Industry
- 41100 Development of building projects
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
The Company borrowed funds from the Bank to develop the Hotel, a 101 bedroom hotel adjacent to the Al2 near Colchester, Essex The Hotel opened in 2011 and trades with the Holiday Inn Express brand under a franchise arrangement with IHG
Challenges caused by the weak hotel market and level of debt to the Company resulted in the Company breaching banking covenants under its facility with the Bank Following a period of unsuccessful negotiations, the Bank, as a qualifying floating chargeholder, appomted Jane Monarty and Alan Graham as Administrators of the Company on 23 May
Administrators' statement of proposals (2013-07-23) · Companies House register