100 Clerkenwell Road Limited (08504351): administration
- Status
- Administration ended
- Administration began
- 2020-12-16
- Administrators
- Sandra Lillian Mundy, Thomas Charles Russell
- Administrators' firm
- FRP Advisory
- Incorporated
- 2013-04-25
- Location
- Southampton
- Industry
- 41100 Development of building projects
Why it went into administration
- COVID-19
From the administrators' statement
The Company was incorporated on 25 April 2013 and developed the property at 100 Clerkenwell Road, Farringdon, London, EC1M 5RJ (“the Hotel”). The Company entered a hotel management and hotel licence agreement with Yotel Limited (“Yotel”) on 9 October 2015. The Hotel opened to the public in September 2020 under Yotel’s branding and livery. Yotel remain in situ and continue to trade the Hotel.
The trade of the Hotel has been severely impacted by the measures put in place by the government in response to the coronavirus pandemic. The travel restrictions have resulted in a greatly reduced occupancy rate of less than 10% on average since trade commenced. The Hotel is currently only open for essential travel.
We were introduced to the assignment by ICG Longbow representing the Charge Holder, following a call from them on 10 November 2020. The Charge Holder having reviewed the financial position of the Company and appreciating the extent of the significant likely shortfall on its loan made the decision to appoint Administrators in order to obtain control of the asset and the timing of any sale’
Administrators' statement of proposals (2021-02-17) · Companies House register