36C Harrington Gardens Ltd (09935926): administration
- Status
- Administration ended
- Administration began
- 2022-10-24
- Incorporated
- 2016-01-05
- Location
- Norwich
- Industry
- 68100 Buying and selling of own real estate
Why it went into administration
- HMRC / tax arrears
From the administrators' statement
The Company was incorporated on 5 January 2016 for the specific purpose of the redevelopment of a property located at 36C Harrington Gardens, London, SW7 4LT,
The development was financed by various different methods including loans obtained from two separate banks which were secured by fixed and floating charges, loans from the shareholders of several connected companies and funds raised from an equity offering made to potential investors via a crowd-funding platform in November 2016.
The development work was undertaken and the costs incurred to the point of completion were approximately £4.2m. This figure was in excess of the original budgeted costs of £3.25m due to a number of reasons which included the associated costs for the enhancement of the offering to include a new leasehold purchase which amounted to over £660,000 as well as a dramatic rise in building materials during the re-development period. Therefore the budgeted acquisition and re-development costs were exceeded by approximately £1m.
Administrators' statement of proposals (2022-12-19) · Companies House register