Westby Homes (Prestbury) Limited (09331445): administration
- Status
- Administration ended
- Administration began
- 2018-11-15
- Administrators
- Arron Simon Kendall, Simon Robert Thomas
- Administrators' firm
- Moorfields
- Incorporated
- 2014-11-27
- Location
- London
- Industry
- 41202 Construction of domestic buildings
From the administrators' statement
The Company was incorporated on 27 November 2014 as a special purpose vehicle to purchase the land and building at Meadow Hey, Bollin Hill, Prestbury, Macclesfield, SK10 4BS in October 2015. The price stated to have been paid on 1 October 2015 was £1,000,000 plus VAT.
In October 2015, the Company granted fixed and floating charges to Clearwell Capital Limited (“Clearwell”) and another lender to develop the site in Prestbury. Subsequently, the second lender was repaid, and further funding was secured from Funding 365 Capital Limited (“Funding 365”) on 22 May 2018 (together, “the Secured Creditors”). Funding 365 have an arrangement with Clearwell to subordinate a share of their 3% default interest on the basis Funding 365’s charge ranks in priority above Clearwell’s charge.
The Company converted the land and buildings at Meadow Hey into four semidetached houses. In or around February 2018, Jackson-Stops and Holmes Naden were engaged to market the four properties for sale. Two of the four plots were sold prior to my appointment.
Administrators' statement of proposals (2019-01-18) · Companies House register