Stylish Solutions Limited (06053689): administration
- Status
- Administration ended
- Administration began
- 2015-06-05
- Administrators
- Andrew Graham Mackenzie, Julian Pitts
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2007-01-16
- Location
- Hull
- Industry
- 46190 Agents involved in the sale of a variety of goods
Why it went into administration
- Creditor pressure / legal action
From the administrators' statement
The Company was incorporated on 16 January 2007 and commenced trading immediately upon incorporation The Company imported and sold goods until early 2014 when a decision was taken to wind the business down, sell the property and repay all creditors
The Company's main asset Is the freehold premises at Unit 7 Global Business Park, 4 Hamburg Road, Hull (‘the property’), with HSBC Bank Plc (“HSBC”) having a charge over the property
The property was valued at £235,000 and a sale strategy was put in place by the Company in January 2014 after taking advice from Scotts Property and Topham Larards A sale was agreed at £235,000 to a party connected to a shareholder however it was subsequently established in August 2014, when the purchaser obtained a valuation for their pension fund that the valuation was £195,000 due to the building being tenanted under a 5 year lease !t was upon receipt of the revised valuation of the property at £195,000 that the connected party offer reduced The main reason for the reduction in value was due to the emcumbant tenants and the remaining period of their tenancy
Administrators' statement of proposals (2015-08-04) · Companies House register