GP15 Limited (09252510): administration
- Status
- Administration ended
- Administration began
- 2017-04-07
- Administrators
- Kevin Lucas
- Administrators' firm
- JPS Chartered Surveyors
- Incorporated
- 2014-10-07
- Location
- Manchester
- Industry
- 93199 Other sports activities
Why it went into administration
- Creditor pressure / legal action
From the administrators' statement
GP15 Limited (hereinafter referred to as ‘the Company’) was incorporated on 7 October 2014 as a special purpose vehicle to run the Moto GP in 2015. The Company is part of a group of Companies (hereinafter referred to as ‘the Group’) headed by Heads of the Valley Development Company (‘HOTVDC’), which aims to develop and manage a motor racing circuit at Ebbw Vale, South Wales. The undertaking is estimated to cost £425m and will require the development of an 839 acre site. According to estimates as at 7 April 2017, on completion the project will attract 750,000 visitors per year.
In achieving the purpose of this project, the Group acquired the rights to run the British Motorbike Grandprix for a period of 10 years with the proposal that it would be run at the new circuit in South Wales. As a result of the scale of the project, the necessary financing and various aspects of its development had to be agreed in advance which delayed the construction of the circuit. Consequently, the British MotoGP 2015 had to be held at an alternative track.
The Company hosted the event at the Silverstone circuit as the track had historically hosted the race. Under the terms of the license agreement to host the British MotoGP 2015, all ticket receipts and food and beverage income were allowed to be collected by the Company. It then contracted with the race circuit and negotiated terms to allocate ticket and food and beverage receipts.
Administrators' statement of proposals (2017-06-13) · Companies House register