Equity Real Estate (Taggs) Ltd (09996915): administration
- Status
- Administration ended
- Administration began
- 2019-08-06
- Administrators' firm
- Mazars
- Incorporated
- 2016-02-10
- Location
- London
- Industry
- 68100 Buying and selling of own real estate
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Management failings / irregularities
From the administrators' statement
The Company was incorporated on 10 February 2016 as Equity Real Estate (Taggs) Ltd as a property development SPV whose principal asset is Taggs Boatyard, 44 Summer Road, Thames Ditton, Surrey KT7 0QQ (“the Property”).
The Company’s joint-shareholders are Harbright Limited (“Harbright”) and Fourstream Capital Limited (“Fourstream’”). They along with Secure Trust Bank plc (“STB”) and Fulham Developments Limited (“FDL”) (together, “the Secured Creditors”) have funded the purchase and development of the Property.
The Property was purchased in April 2016 for £1.8m and the Company initially engaged Verdi Construction Limited (“Verdi”) (subsequently replaced by ADL Advanced Contractors Limited (“ADL”) in early 2019) to undertake the construction of new buildings comprising a boatyard facility, office space and nine residential units.
Administrators' statement of proposals (2019-10-10) · Companies House register