Sasta Paradise Limited (07973160): administration
- Status
- Administration ended
- Administration began
- 2019-01-14
- Administrators
- Peter Kubik
- Administrators' firm
- Insolvency Practitioners of Uhy Hacker Young
- Incorporated
- 2012-03-02
- Location
- London
- Industry
- 68209 Other letting and operating of own or leased real estate
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
The business was established on 2 March 2012 as a joint venture for the purchase and redevelopment of freehold premises at 96-98 Hounslow High Street, London, TW3 INH.
The property was purchased in February 2014 at a price of £1,150,000, which was funded by the shareholders and Lloyds Bank Pic (‘the Bank’). The four shareholders invested £490,000 with the Bank providing an advance of £735,000 in return for fixed and floating charges over the Company’s assets.
In September 2015, permission was obtained to demolish the existing shop premises and to build a new retail unit and eight apartments. Quotations were sought and, eventually, Inventis Homes Limited (‘Inventis’) was appointed as the contractor with an estimate of £946,338. In August 2016, construction commenced with a scheduled completion date of August 2017.
Administrators' statement of proposals (2019-03-16) · Companies House register