Hotel Options (Lymm) Limited (08558398): administration
- Status
- Administration ended
- Administration began
- 2015-03-12
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2013-06-06
- Location
- Southend on Sea
- Industry
- 68100 Buying and selling of own real estate
Why it went into administration
- Creditor pressure / legal action
- Cash flow / liquidity pressure
From the administrators' statement
The Company was incorporated in June 2013 Michael Stones, Lawrence Sykes and Dean Hewart were appointed as directors of the Company The Company traded as an ‘Ibis Budget’ Hotel under an Accor UK Business & Leisure (“Accor’) franchise and operated from freehold premises at Lymm truckstop
Upon incorporation the Company purchased the hotel complex and began to seek investment Shepherd Cox Limited (“SCL”), an agent, raised finance to purchase the limited company through the creation and sale of individual rooms to private investors, predominantly based in Thailand and Singapore The rooms were sold as separate leasehold properties on long leases and were rented back to the Company in exchange for monthly rentals and a percentage commission of hotel bookings The Company retained the freehold property and instructed Signature Management Services Limited to trade the hotel on their behalf
As part of their instruction, SCL were entitled to receive commissions for the introduction of the investor creditors from the Company Upon the level of investment raised through SCL reaching a specified leve! the shares in the Company would be transferred to an entity named SCX Lymm Limited, an associated Company to SCL SCL successfully raised the required finance to complete the purchase During 2014 a dispute arose regarding the payment of commissions and other obligations relating to the agreement between SCL and the Company resulting in SCL commencing legal action against the Company A Tomlin Order was subsequently agreed on 27 November 2014, whereby the shareholders of the Company were obliged to appoint Lee Bramzell of SCL as a director of the Company and the other directors were to follow his instruction and immediately transfer the shares as per the orginal agreement
Administrators' statement of proposals (2015-05-14) · Companies House register