Aartee Bright Bar Property Limited (07435702): administration
- Status
- Administration ended
- Administration began
- 2023-02-06
- Administrators' firm
- Alvarez & Marsal
- Formerly
- Acenta Property Limited; Poseidon Propco Limited
- Incorporated
- 2010-11-10
- Location
- Brighton
- Industry
- 68100 Buying and selling of own real estate
Why it went into administration
- Funding withdrawn / unable to refinance
- HMRC / tax arrears
- Creditor pressure / legal action
From the administrators' statement
The Company was a Secured Obligor to the composite guarantee and debenture in favour of FGI, further details of which are provided in Section 3.2. In October and December 2022,
FGI became aware of several breaches of the RPA by the Company.
In November 2022, the Group and FGI engaged PricewaterhouseCoopers LLP (“PWC”) under a dual stakeholder engagement letter to conduct a review of the Group’s latest available short term cash flow (“STCF”), any funding requirements, options to improve cash flow and the stock financing arrangements in place.
Administrators' statement of proposals (2023-04-08) · Companies House register