Meliden Ltd (09132935): administration
- Status
- Administration ended
- Administration began
- 2017-02-21
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2014-07-16
- Location
- London
- Industry
- 55100 Hotels and similar accommodation
Why it went into administration
- Funding withdrawn / unable to refinance
- Property / lease costs
From the administrators' statement
The Company owns a property at 105A Seven Sisters Road, London N7 7QP registered under title number 299355 (“the Property”). The Property comprises a three storey building operating as an aparthotel with two long term leasehold flats on the upper floors. The Property's principal tenant is Milstead Limited (“Milstead’), an associated company. The Company purportedly entered into a lease granting the right to Milstead Limited to occupy and trade from the premises on 23 April 2015 (“the Lease”). The Lease provides for rent payable
-3per month by Milstead for a term of 7 years of £1,850 from 23 April 2015 to 31 January 2016 and thereafter, from 1 February 2016, at £3,750 per month
Funding Circle Property Finance Limited (“FCPFL’) provided loan facilities to Meliden of £1.6M in August 2015 (“the Facilities”). The Facilities were secured by way of a legal mortgage over the Property and by a debenture, together with a personal guarantee from Ms Sandhya Tuli a former director and shareholder (“the Guarantor’), limited to £150,000.
Administrators' statement of proposals (2017-04-26) · Companies House register