Life Style Care (2011) PLC (07709694): administration
- Status
- Administration ended
- Administration began
- 2015-02-17
- Administrators
- Robert James Harding, Nicholas Guy Edwards
- Administrators' firm
- Deloitte
- Incorporated
- 2011-07-19
- Location
- London
- Industry
- 86102 Medical nursing home activities
Why it went into administration
- Property / lease costs
- Sustained trading losses
From the administrators' statement
The Company had underperformed against its forecasts, tn part due to a higher ongoing capital expenditure requirement than onginally envisaged following the acquisition of the care home operations in 2011 and the Closure of the Landmere Care Home in July 2013 As such, it had been unable to pay its full rent to Regency since mid-July 2013 (arrears as at the date of the Joint Administrators’ appointment of c £5m)
The Company was in discussions to agree a potential restructuring of its lease terms for in excess of a year, albeut this was ultumately unsuccessful.
On 28 October 2014, Fixed Charge Receivers (the “Receivers’) were appointed over the 23 care home properties owned by Regency by virtue of unpaid debt service payments to tts secured lender
Administrators' statement of proposals (2015-04-20) · Companies House register