Foamula One Limited (08168618): administration
- Status
- Administration ended
- Administration began
- 2015-09-24
- Administrators
- Lee Van Lockwood, Andrew Graham Mackenzie
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2012-08-06
- Location
- Leeds
- Industry
- 74990 Non-trading company
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
From the administrators' statement
The Company was incorporated on 6 August 2012 and was dormant until purchasing one leasehold property in Seacroft, Leeds, in November 2014 We understand there was an intention to subsequently purchase additional properties Funding was obtained via a bridging finance facility provided by TFG Secunty Limited (‘TFG’)
As a result of tower than expected rental realisations in addition to the tenant vacating the property in Apri, the Company began expenencing cash flow problems The Company was therefore unable to service the interest on tts debt to TFG and also failed to repay certain monies under its agreement, thus resulting in a breach of its loan agreement
On 23 June 2015, TFG made formal demand for repayment of the facility as a result of the breach of its loan agreement The Company failed to satisfy the demand which resulted in TFG taking steps to appoint administrators pursuant to paragraph 14 of Schedule B1 to the Insolvency Act 1986 Andrew Mackenzie and Lee Lockwood were subsequently appointed as joint administrators on 24 September 2015
Administrators' statement of proposals (2015-11-25) · Companies House register