Pinnacle (Angelgate) Limited (09175076): administration
- Status
- Administration ended
- Administration began
- 2017-09-28
- Administrators' firm
- Quantuma
- Incorporated
- 2014-08-14
- Location
- Chandler's Ford
- Industry
- 41100 Development of building projects
Why it went into administration
- Funding withdrawn / unable to refinance
- HMRC / tax arrears
- Management failings / irregularities
From the administrators' statement
The Company was incorporated on 14 August 2014 as a subsidiary of MVGroup, a company owned and controtled by Mr Mills. Since that time, ownership of PAL has been transferred to MVGHoldings, MVGroup's parent company also owned by Mr Mills. Ms Harvey was PAL's sole director until August 2016 at which time she was replaced by Mr Mills.
The Company's sole purpose was to acquire the Development Site with planning consent to develop 344 residential apartments upon it. In December 2014, PAL acquired the Development Site for a reported cost of c.£6.6m.
During late-2014/early-2015 the Company pre-sold the apartments ‘off-plan’ to individual investors ("Buyers"), most based overseas, via its sales and marketing agent, Pinnacle MC Global Network Limited ("PMNet"), a company ultimately owned by Mr Mills and PMNet's local sub-agents.
Administrators' statement of proposals (2017-12-05) · Companies House register