Stephenson Hotel Limited (08179783): administration
- Status
- In administration
- Administration began
- 2025-03-28
- Administrators
- Sarah O'Toole, Alison Grant
- Administrators' firm
- PwC
- Formerly
- Stephenson Crowne Plaza Newcastle Limited; Timec 1375 Limited
- Incorporated
- 2012-08-14
- Location
- Leeds
- Industry
- 41100 Development of building projects
Why it went into administration
- COVID-19
- Weak consumer demand
- Funding withdrawn / unable to refinance
From the administrators' statement
The Company was incorporated on 14 August 2012 and was initially known as Timec 1375 Limited and then Stephenson Crowne Plaza Hotel Limited; it is part of a wider group, with the ultimate parent being CGL. The Company was renamed Stephenson Crowne Plaza Limited in October 2012 and was subsequently named Stephenson Hotel Limited in November 2012.
The Company was formed to hold CGL’s investment in the construction and operation of the Crowne Plaza Hotel in the Stephenson Quarter area of Newcastle-upon-Tyne as part of a wider development of the area that was financed in part by Natwest, NELEP and NCC. The hotel construction started in 2012 and completed in 2015.
On completion of the Hotel construction the hotel freehold was sold to the Landlord, and leased back to the Company under a long lease (150 years), to enable the Company to operate the Hotel. Other companies in the wider group own additional areas of land immediately surrounding the Hotel.
Administrators' statement of proposals (2025-04-12) · Companies House register