Spencer Commercial Property Limited (06162546): administration
- Status
- Administration ended
- Administration began
- 2011-12-21
- Administrators
- Robert Andrew Croxen, David John Crawshaw
- Administrators' firm
- KPMG
- Incorporated
- 2007-03-15
- Location
- London
- Industry
- 7020
From the administrators' statement
SCP is the ultimate parent company of a UK commercial property group (“the Group”), which, prior to the sale mentioned below, owned a portfolio of commercial properties throughout the UK
Lloyds Banking Group ple (or more specifically, Bank of Scotland plc) (“LBG”) provided banking facilities to the Group, the amounts outstanding under which were secured. by way of fixed and floating charge debentures against the Group’s property portfolio with cross-guarantees across all Group entities, including SCP The property portfolio had fallen significantly in value and had shortly before the admimstration been appraised by two independent valuers, Jones Lang LaSalle LLP and GVA Grimley LLP On both occasions, the Group’s property portfolio was valued at significantly less than the sums outstanding to LBG
The Group’s management actively engaged with the Group’s secured creditor, LBG, and accordingly LBG were kept fully appraised of an offer received for the Group’s assets by an independent Third Party Purchaser Based upon the valuations and the level of LBG’s debt, the value of the Group’s portfolio was significantly less than LBG’s debt. As a result, there was and still is no value in the shares of SCP
Administrators' statement of proposals (2012-02-16) · Companies House register