South Beach (Tenby) Limited (06372816): administration
- Status
- Administration ended
- Administration began
- 2013-06-19
- Administrators' firm
- Opus Restructuring
- Formerly
- Mandaco 538 Limited
- Incorporated
- 2007-09-17
- Location
- London
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- Cash flow / liquidity pressure
From the administrators' statement
South Beach (Tenby) Limited (hereinafter referred to as “the Company” or “SBT”) was incorporated on 17 September 2007 by Nicholas Joseph Kelly a s special purpose vehicle The Company's principal trading activity was the development and construction of residential apartments in Tenby, Pembrokeshire The Company had no employees
The development consisted of two phases Construction of phase one was completed prior to our appointment and consisted of nine residential apartments, each developed to a high standard Prior to our appointment, five of these apartments were sold by the Company The remaining four apartments were on the market for sale through local selling agents
Phase two was at the inital stages of construction with steel frames only erected However, planning has been granted for the development of ten residential apartments The Company granted Principality Building Society (“PBS”) legal charges over the development and property created on 29 October 2007 and 15 September 2010 respectively in exchange for funding the development Additionally, we understand that OPCO Limited (“OPCO"), an associated Company, funded the land purchase and construction of the steel frames in respect of phase two The Company was unable to complete the construction of phase two as it had insufficient funds available to do so
Administrators' statement of proposals (2013-08-12) · Companies House register