Seven TEN (Cheshire) Ltd (07775886): administration
- Status
- Administration ended
- Administration began
- 2014-09-25
- Administrators
- Clive Morris
- Administrators' firm
- Insolvency Practitioners Marshall Peters
- Incorporated
- 2011-09-15
- Location
- Preston
- Industry
- 41100 Development of building projects
Why it went into administration
- Creditor pressure / legal action
From the administrators' statement
Seven Ten (Cheshire) Limited was incorporated in August 2009 under the directorship of Darren Dawson The Company remained dormant until December 2011, when the company purchased a property at Grove Inn, Manchester Road, Lower Heath, Congleton, CW12 1NP, for £300,000 + VAT, with the mtention of obtaining planning permission to build a convenience store in place of the current property The property was a former public house which remained closed from the point at which the Company took ownership of the property
The property purchase was funded via a 100% mortgage provided by Tony and Terrance Williams, who were friends of shareholder Toni Smith Mssrs Wilhams also provided an additional £33,000, to be utilised for the costs of the planning application process The borrowing was secured against the property by way of a fixed charge Ton: Smith also introduced £30,000 of unsecured funds mto the Company to assist with planning application costs, which remains outstanding The VAT element of the purchase price was reclaimed by the Company shortly after purchase and utilised to repay some indebtedness to the fixed chargeholders
In March 2012 the Company’s application was refused because of issues with the design of the proposed development, namely the access to the property from a public highway. The Company undertook a redesign of its proposal and a second application was subsequently submitted This application was refused on the basis that the planning committee required the Company to undertake certain conditions in advance of planning approval, which the Company could not fulfil
Administrators' statement of proposals (2014-11-26) · Companies House register