PNP Assets Limited (06253148): administration
- Status
- Administration ended
- Administration began
- 2012-04-27
- Formerly
- Parsons Norfolk Property Ltd
- Incorporated
- 2007-05-21
- Location
- Norwich
- Industry
- 7031
Why it went into administration
- Creditor pressure / legal action
- HMRC / tax arrears
- Rising costs / inflation
- Property / lease costs
- Competition / price pressure
From the administrators' statement
The business of the Company is that of a residential estate agency One of the directors, Neil Parsons, commenced work as an estate agent in around 1980 and by 1995 Mr Parsons bought out his fellow partners and changed the name of the practice to Parsons & Co. Mr Parsons initially traded the business as a sole trader and in 2007 the business was incorporated. On incorporation Mr Parsons offered a key employee, Zoe Parker, a directorship and shareholding in the Company in order to retain her services The Company was initially funded by Mr Parsons’ personal funds. The Company traded from 37 Quebec Street, Dereham, Norfolk NR19 2DJ
In 2009, the Company expanded and started a lettings department in response to requests from existing chents, providing a choice of services for landlords and a vanety of properties for tenants to rent Following this, in February 2009, the Company opened a new office located in Market Place, Reepham, Norwich, NR19 2DJ The Company acquired the tenancy from a competitor who had entered liquidation.
In the run up to Chnstmas 2010, the Company started to struggle financially The directors were not in a position to invest any funds into the Company Given the economic climate and the stalling of the property market, sales had been extremely patchy The Company has had moments of false optimism which has been backed by the rental market appearing to get better, but no long-term increase materialised.
Administrators' statement of proposals (2012-05-23) · Companies House register