Beach Street Associates Limited (07813352): administration
- Status
- Administration ended
- Administration began
- 2016-06-09
- Administrators
- Simon Robert Thomas, Arron Simon Kendall
- Administrators' firm
- Moorfields
- Incorporated
- 2011-10-18
- Location
- London
- Industry
- 41100 Development of building projects
Why it went into administration
- Funding withdrawn / unable to refinance
- Loss-making contracts / project overruns
From the administrators' statement
Incorporated on 18 October 2011, the Company is the owner of land at the rear of The Terrace, Rochester ME1 1XN
In mid 2014, the Company began to undertake the construction of a residential development consisting of 11 properties on the land Funding in order to purchase the land and commence the development was provided to the Company by its secured lender, Wellesley Finance Plc (‘Wellesley’) Wellesley was granted security by way of a debenture conferring fixed and floating charges over the Company's assets and undertaking, created on 13 November 2014
Construction of the development commenced in late 2014 and regular draw downs were received from Wellesley in order to fund the build costs From the outset, delays to the scheduled programme were being recorded by the appointed contractor, Every Project Counts Limited (“EPC”) In addition, variations to the Butld Contract meant that there were significant cost overruns during the course of the project
Administrators' statement of proposals (2016-08-01) · Companies House register