Whitefind Limited (07923432): administration
- Status
- Administration ended
- Administration began
- 2017-04-28
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2012-01-25
- Location
- Liverpool
- Industry
- 68320 Management of real estate on a fee or contract basis
Why it went into administration
- Creditor pressure / legal action
From the administrators' statement
The site known as White Lion Halls was acquired by WCL In June 2012, for £244,000, from John Paul Developments Limited, an unconnected party. An application for planning permission was made by WCL in September 2012 to alter its use from a garage unit into student accommodation, with the accommodation ideally located to house students from the University of Bolton.
With associated incidental costs such as Stamp Duty Land Tax, the site acquisition costs totalled £285,000 and this was funded in full from loan note funds.
The planning permission was granted in March 2013 and armed with this, WCL sought fuller construction costings from building contractors. It became increasingly apparent that the outline building costs that had been included as part of the initial PSDL site feasibility were fundamentally flawed. For example, the ground works were to cost in excess of £500,000 more than the initial budget. This was due to the site's location next to a river, Due to the ground conditions and given the height of the planned building, it meant that the foundations would have to be drilled far deeper. These factors, together with the need to discharge a number of planning issues, meant that the build was seriously delayed. However, the scale of the issues across the PSDL group would start to impact on the ability of WCL to commence the building works notwithstanding the costings issue.
Administrators' statement of proposals (2017-07-04) · Companies House register