Choicezone Limited (06383849): administration
- Status
- Administration ended
- Administration began
- 2011-05-18
- Administrators
- Richard Dixon Fleming, James Robert Tucker
- Administrators' firm
- KPMG
- Incorporated
- 2007-09-27
- Location
- London
- Industry
- 68209 Other letting and operating of own or leased real estate
Why it went into administration
- Property / lease costs
From the administrators' statement
The Secured Creditors entered into a facility agreement with Choicezone in November 2007 to part fund the purchase of the Hotel
Waldorf owns the freehold of the Hotel which 1s subject to a 30 year lease (20 years unexpired) to Adda Hotels Limited (a Hilton Group company) Under the lease a variable rent, calculated with reference to EBTDAR, 1s payable The lease 1s not affected by a change of ownership or an insolvency of Waldorf
The 2007 purchase transaction saw £175 million paid plus costs, funded by £111 millon of secured bank debt and some £65 million unsecured intercompany debt provided by Muirgold Limited (a corporate unde: the ultimate ownership and control of the Director, the ultimate owner ot Choicezone)
Administrators' statement of proposals (2011-07-05) · Companies House register