ST Ives Care Limited (07904286): administration
- Status
- Administration ended
- Administration began
- 2019-12-04
- Administrators
- Christopher David Stevens, Miles Needham, Sarah Cook
- Administrators' firm
- FRP Advisory
- Incorporated
- 2012-01-10
- Location
- St. Albans
- Industry
- 87100 Residential nursing care facilities
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
The Company was incorporated on 10 January 2012 for the purpose of acquiring the property at 208 Mansfield Road, Mansfield, NG21 9HF. Sherwood Grange Limited a connected Company currently operates a nursing and care home from the property.
The Company took out a secured loan from Astute on 28 September 2018 to refinance the Company's existing borrowings. In July 2019, the loan fell into arrears, Astute afforded the company forbearance to turnaround the performance and meet loan repayments, however the Company failed to do so.
Astute were introduced to the Administrators by their Accountants, Rayner Essex LLP, on 21 November 2019 to take advice on what options were available to enforce their security. Following discussions with the Administrators and after giving further time for the Company to make repayment, which was not forthcoming, Astute made the decision to appoint Administrators under their QFC.
Administrators' statement of proposals (2020-01-28) · Companies House register