Pumpfields Regeneration Company Limited (09880003): administration
- Status
- Administration ended
- Administration began
- 2021-03-08
- Administrators' firm
- Evelyn Partners
- Incorporated
- 2015-11-19
- Location
- London
- Industry
- 41100 Development of building projects
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Bad debts / customer insolvency
From the administrators' statement
The Company was incorporated on 19 November 2015 for the purpose of developing the Metalworks site. The Company acquired the Metalworks in 2017 with the intention of developing the site into a residential block of over 300 apartments and various other amenities.
In order to fund the purchase of the Metalworks site, the Company obtained a loan facility in the amount of £2.5m for a 12-month term from MoneyThing in May 2017. The loan was secured by way of a fixed and floating charge over the Company’s assets, including the Metaltworks. Despite a number of extensions granted, the loan defaulted and the loan balance currently stands at c.£3.05m, including accrued interest.
in addition to the facility provided by MoneyThing, the Company raised funds through agreements for the presale of 95 apartments to various parties and a total of £3,935,364 was received by the Company in respect of these pre-sale agreements. UN1s have been registered against the Metalworks registered title by 77 pre-sale creditors which have entered into agreements in relation to the pre-sales.
Administrators' statement of proposals (2021-05-14) · Companies House register