Green Parks Holidays Limited (07622486): administration
- Status
- Administration ended
- Administration began
- 2019-07-01
- Administrators' firm
- Quantuma
- Incorporated
- 2011-05-05
- Location
- Town Quay
- Industry
- 55900 Other accommodation
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
Around 106 investors have purchased long leases of holiday apartments at Westbeach Resort, with the expectation of a twice yearly payment from the Company, which is the tenant of each investor under sub-leases entered into at the time of purchase. In January, payment was not made with little or no explanation from the Company or its director Consequently, the investor creditors grouped together and confirmed they were supportive of collective action to put the Company into administration.
Given the level of collective rental arrears owing to investors, the Company has been unable to meet its obligations in respect of the amounts due to the investors in accordance with the under lease. Arrears therefore exist and continue to accrue. Of particular concern is that the investors have lost faith in the management and director of the Company. This is due to the lack of contact (as we understand it, no explanation has been given whatsoever in relation to the rental arrears), the level of cumulative arrears, and disagreements over the commitment to develop the site
We have since been informed that a combination of things meant the Company was unable to make payment to investors; delayed development work, increased development costs, and insufficient rentable apartments to generate the income required
Administrators' statement of proposals (2019-09-07) · Companies House register