Ycpd (Wheatley Park) Limited (06238331): administration
- Status
- Administration ended
- Administration began
- 2013-06-13
- Administrators
- Lee Van Lockwood, Robert Alexander Henry Maxwell
- Administrators' firm
- Begbies Traynor
- Formerly
- ST James Securities (Wheatley Park) Limited; Hopton Mills Limited; Forever Pace Limited
- Incorporated
- 2007-05-04
- Location
- Leeds
- Industry
- 68100 Buying and selling of own real estate
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
In November 2008 the Company, formerly known as St James Securities (Wheatley Park) Limited, acquired the land and buildings at Hopton Mills, Mirfield, West Yorkshire (“the Property”)
The Company redeveloped the Property on a carefully phased basis with the renovation of histone mill buildings to create modern contemporary office space The offices are currently occupied by 17 tenants The Company also planned to convert archive and store buildings into offices, but this never took place
Following the downturn in the property market, an updated valuation of the Property was obtained and, subsequently, the Company had to significantly wrte down the book value The write down put the book value below the level of the secured lending against it As the revised loan to asset value caused the Company to be in breach of its loan covenants, the directors tried to work with the Company's secured lender, Clydesdale Bank ple (“the Bank”), to bridge the shortfall
Administrators' statement of proposals (2013-08-14) · Companies House register