Packet Boat Lane Ltd. (09455423): administration
- Status
- Administration ended
- Administration began
- 2021-07-12
- Administrators' firm
- Begbies Traynor
- Formerly
- Boltgate Limited
- Incorporated
- 2015-02-24
- Location
- Northampton
- Industry
- 68100 Buying and selling of own real estate
Why it went into administration
- COVID-19
- Cash flow / liquidity pressure
- Sustained trading losses
From the administrators' statement
The company was incorporated on 24 February 2015, in order to specifically acquire the freehold property, known as Union Park, with the view to convert the existing offices into flats under permitted development. The acquisition was financed by a loan from one of the Company’s shareholders, namely L & A Uxbridge Ltd.
Subsequently the Company began planning on the site and obtained planning permission for 251 flats. The Company took the decision to proceed with the building works itself, rather than sell the site with planning permission, and the building contract was awarded to a company, namely PMP, to build the flats for a cost of approximately £31.5m.
The construction costs and part of the acquisition was subsequently financed by securing a £40m loan from Pluto Finance Group. This loan was subsequently fully repaid from the sale of flats.
Administrators' statement of proposals (2021-09-06) · Companies House register