Downshaw Lodge Limited (09611400): administration
- Status
- Administration ended
- Administration began
- 2019-09-18
- Administrators
- John Paul Sugden, Rob Sadler
- Administrators' firm
- Kroll
- Formerly
- MBI Downshaw Lodge Limited; MBI Care Home Number One Limited
- Incorporated
- 2015-05-28
- Location
- Leeds
- Industry
- 68100 Buying and selling of own real estate
Why it went into administration
- Regulatory change or action
From the administrators' statement
The Company was incorporated on 28 May 2015 by Mr Woodhouse and Mr Forster to acquire the Downshaw Lodge care home from its previous provider, Four Seasons (Evedale) Limited. The transaction was concluded on 30 November 2015 for the sum of £1,499,998 and HM Land Registry recorded the acquisition in the name of the Company against five title numbers that comprise the property.
The acquisition was funded by way of the Company entering into 44 leases for rooms within the property, which were sold in late 2015 and early 2016.
Each client entering into a lease for a room received an Agreement for Lease with the Company, a Sub-lease between the client and MBI Social Care Downshaw Lodge Limited (as the nominated management company for the care home) and a Developer Call Back Option Deed. Under the terms of that documentation each client anticipated a 10% annual return on the acquisition price of the room and an eventual buy back at 125% of the acquisition price after ten years. Each contractual payment was to be paid by the nominated management company, MBI Social Care Downshaw Lodge Limited, or the Company.
Administrators' statement of proposals (2020-03-10) · Companies House register