Tyne Region North Stepney Limited (07719639): administration
- Status
- Administration ended
- Administration began
- 2022-02-16
- Administrators' firm
- RSM
- Formerly
- Sandco 1193 Limited
- Incorporated
- 2011-07-27
- Location
- Southampton
- Industry
- 68209 Other letting and operating of own or leased real estate
Why it went into administration
- COVID-19
- Funding withdrawn / unable to refinance
- Property / lease costs
From the administrators' statement
The Company was incorporated on 27 July 2011 and developed the property at Stepney Lane, Newcastle-upon-Tyne, NE1 6PD (“the Property”). The shares of the Company were acquired by SL3 Limited (“SL3”), of which we are also administrators, in June 2018 in order to facilitate the purchase of the Property. The Property is operated as student accommodation under the branding and livery of an associated entity, Genesis Student Accommodation Limited (“Genesis”).
The operation of the business was impacted greatly by COVID as students were not physically attending university and therefore occupancy rates were low. This led to the Company breaching its covenants with the Chargeholder.
We were introduced to the assignment by ICG Longbow representing the Chargeholder, following a call from them on 9 July 2021. However, we had no further involvement until December 2021 when we were advised that ICG Longbow was considering its options and was undertaking a review of its security position.
Administrators' statement of proposals (2022-04-09) · Companies House register