Coast Developments (N W) Limited (06714088): administration
- Status
- Administration ended
- Administration began
- 2012-12-19
- Administrators
- Simon Robert Thomas, Nicholas H O'Reilly
- Administrators' firm
- Moorfields
- Formerly
- Timec 1194 Limited
- Incorporated
- 2008-10-02
- Location
- London
- Industry
- 82990 Other business support service activities n.e.c.
From the administrators' statement
The Company was incorporated on 2 October 2008 for the purpose of acquinng PRV (Middleton Towers) Ltd (‘PRV”) out of administration PRV was incorporated to develop a retirement village consisting of 650 mixed residential units, a Nursing Home and vanous commercial amenities Between 2006 and 2007 it became clear that the onginal management team of PRV did not have the capability to complete a project of this complexity with a number of issues being reported Due to continued deterioration tn project management, creditors sought the appointment of administrators, BDO Stoy Hayward LLP, in November 2008.
David Harriman (‘DH"), an existing well known customer of AIB Group (UK) ple (‘the Bank"), set up the Company, as part of a Group, with a view to resolve outstanding planning and snagging issues, making the asset saleable DH was deemed to have the relevant property and planning expertise to manage the site out of administration A new facility agreement, dated 1 June 2009 was put tn place to facilitate this
Whilst planning and managenal issues are ongoing, on 9 May 2012 DH gave notice of his intention to cease to be a shareholder of the Company and thereby cease to manage the development. As per the terms of the facility agreement DH agreed to remain in his post for a 6 month period whilst a buyer for the Company was found Following this 6 month period DH agreed to extend the expiry of his notice period by 6 weeks to mid December 2012, as no resolution had been found
Administrators' statement of proposals (2013-02-19) · Companies House register