Linwest Limited (06568902): administration
- Status
- Administration ended
- Administration began
- 2021-05-17
- Administrators' firm
- Mazars
- Incorporated
- 2008-04-17
- Location
- London
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- Creditor pressure / legal action
- Property / lease costs
- Funding withdrawn / unable to refinance
- COVID-19
From the administrators' statement
Incorporated in April 2018 and majority owned by the Director, the Company was principally a property holding company, having purchased the Property in 2009 for £2.2m funded by bank finance.
The Property, comprising serviced office and workshop space was occupied by the Company and sublet to several tenants, including a number of companies associated with the Director, including Acton CW, a car body repair specialist.
In addition to its property activities, the Company engaged in the purchasing, selling and financing of high-performance sports and prestige motor vehicles. Associated repair work was channelled through Acton CW and vehicles were also leased to chauffeuring businesses, some also associated with the Director. It appears vehicle transactions were often speculative and funded by several “seed investors” with monies and associated profits regularly routed between the Company, companies connected to the Director, the Director personally and other parties.
Administrators' statement of proposals (2021-07-21) · Companies House register