Auchinleck House Management Limited (07976538): administration
- Status
- Administration ended
- Administration began
- 2016-08-17
- Administrators
- Paul Stanley, Gary Norton Lee
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2012-03-05
- Location
- Manchester
- Industry
- 41100 Development of building projects
Why it went into administration
- Property / lease costs
From the administrators' statement
The Company was incorporated in March 2012 with its principal activity being to enter into a lease with its parent company, Park Regis Birmingham LLP (‘PRB’), in relation to the property known as Park Regis Birmingham (formerly Auchinleck House), operating the property as a hotel and paying rent as agreed under the terms of the lease The hotel commenced trading in March 2016, the operation of which was conducted by StayWell Hospitality Management Limited (“StayWell”) under the terms of a Management Agreement entered into between the Company, PRB and StayWell
The Company provided a guarantee to StayWell in relation to a loan provided by StayWell to PRB to part fund the refurbishment of Auchinleck House as a hotel
PRB defaulted in relation to a payment due to StayWell by 4 August 2015 After allowing a period in excess of 12 months for PRB to remedy the default, StayWell made demand for full repayment of the outstanding facility in the sum of £29,500,000 including accrued interest PRB failed to pay the sum on demand and StayWell subsequently made demand from the Company under the terms of the quarantee
Administrators' statement of proposals (2016-10-28) · Companies House register