East Close Limited (06208390): administration
- Status
- Administration ended
- Administration began
- 2012-11-13
- Administrators
- Duncan Kenric Swift, Jeremy Mark Willmont
- Administrators' firm
- BDO
- Incorporated
- 2007-04-11
- Location
- Southampton
- Industry
- 56101 Licenced restaurants
Why it went into administration
- Cash flow / liquidity pressure
- Property / lease costs
From the administrators' statement
The Company was incorporated on 11 April 2007 and traded the East Close Hotel (“the Hotel”) at Hinton, Christchurch, Dorset The Hotel ts based in a Grade II Listed Georgian Mansion and operates as a boutique venue for weddings and social functions, together with a gastro restaurant, public house (traded as the Conqueror Inn) and 15 letting rooms set In estate grounds of approximately 18 acres The hotel is held on a 51 year lease with 33 5 years remaining After acquiring the Hotel in 2007 the Company's directors and shareholders undertook major refurbishment works costing in excess of £2m and the hotel reopened in December 2010
The Company's directors are Paul Naden, Gary Spicer, Radenko Milakovic and Jacqueline Turner (“the Directors”) The Company's shareholders Paul Naden, Gary Spicer, “UK East Close Limited” a company we understand to be controlled by Radenko Milakovic, and Andrew Price We refer collectively hereafter to Paul Naden, Gary Spicer, Radenko Milakovie and Andrew Price as “the Shareholders”
Banking facilities were held by the Company with the Royal Bank of Scotland ("RBS") by way of a loan account and mortgage over the leasehold premises The Directors and Shareholders have provided personal guarantees to RBS in respect of any residual indebtedness in the event that the Company ts unable to settle amounts advanced These persona! guarantees are limited to a total of £200,000 The loan stood at £1,352,000 at the time of our appointment
Administrators' statement of proposals (2013-01-11) · Companies House register