York Place Buildings Limited (09309376): administration
- Status
- Administration ended
- Administration began
- 2024-02-08
- Administrators
- Matthew Mawhinney, Gavin Maher
- Administrators' firm
- Teneo
- Incorporated
- 2014-11-13
- Location
- Birmingham
- Industry
- 68100 Buying and selling of own real estate
Why it went into administration
- Creditor pressure / legal action
- Funding withdrawn / unable to refinance
- HMRC / tax arrears
- Property / lease costs
- Sustained trading losses
- Rising interest rates
From the administrators' statement
The Company began experiencing a decline in apartment sales volumes in 2023. Management attributed this decline to macroeconomic factors including rising interest rates and stagnation within the housing market. As a result, sales of properties were not completed as required in order to deleverage the Facility and remain within covenants.
This decline in performance prompted the Company to advertise properties for rent to generate income from unsold apartments.
Reservation of rights letters were sent to the Company in respect of the known Events of Default on 12 June 2023 and on 4 July 2023, pursuant to which the Security Agent, Kroll reserved all rights and remedies to enforce Macquarie’s security.
Administrators' statement of proposals (2024-04-04) · Companies House register