# Balfour Homes 1 Ltd (05867362)

> Why UK company 05867362 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/05867362

- **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- Funding withdrawn / unable to refinance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

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/05867362/filing-history/MzA4MTk5MTEzMGFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/05867362

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.