Gloucester NW1 Ltd (05964151): administration
- Status
- Administration ended
- Administration began
- 2011-11-21
- Administrators
- Matthew David Smith, Nicholas Guy Edwards
- Administrators' firm
- Deloitte
- Formerly
- London and Slough Developments Limited
- Incorporated
- 2006-10-11
- Location
- London
- Industry
- 68100 Buying and selling of own real estate
Why it went into administration
- Property / lease costs
From the administrators' statement
The Company was granted the Headlease in relation to the Property, for a term of 999 years from 25 March 2007 by the Freeholder at the time, London, Central & Gloucester Limited ("LCG") At that trme the Company paid a sum of £15 6m Subsequently the Company granted sub-leases for terms equivalent to the remaining term of its Headlease for flats 6, 7, 8, 9, 10, 11, 12, and 14 At the date of appointment the sub-lease for the Penthouse had not been sold and was retained by the Company
In order to fund the purchase of the Headlease the Bank made a loan to the Company, and secured this loan with fixed and floating charges against the assets of Company
The Company's obligations under the Headlease are to pay over service charge rents, insurance monies and ground rents to the Freeholder The Company has a number of other responsibilities in respect of the Headlease, which are not considered to be onerous
Administrators' statement of proposals (2012-01-25) · Companies House register