107 Station Street Limited (08541003): administration
- Status
- Administration ended
- Administration began
- 2024-07-18
- Administrators
- Paul Stanley, Dean Watson
- Administrators' firm
- Begbies Traynor
- Formerly
- Empyrean Burton Limited
- Incorporated
- 2013-05-23
- Location
- Manchester
- 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- Funding withdrawn / unable to refinance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 Company, previously known as Empyrean Burton Limited, was incorporated on 23 May 2013 and operated as a Special Purpose Vehicle (“SPV”) to hold freehold property at 107 Station Street, Burton-on-Trent which is a substantial Grade II listed building. The Company was acquired by its present owner, LonPro Holdings Limited in 2016 and the property at 107 Station Street was subsequently converted to provide modern Grade A office accommodation with work being completed as tenants were secured, with the property currently 71% let.
Following an event of default in relation to its facility, the first charge holder made demand for a sum in excess of £9m which the Company was unable to meet and the charge holder subsequently exercised its right to appoint administrators under its Qualifying Floating Charge.
Administrators' statement of proposals (2024-09-16) · Companies House register