Churchlake Care Ltd (10183329): administration
- Status
- Administration ended
- Administration began
- 2022-11-09
- Administrators
- Benjamin John Wiles, Philip Joseph Dakin
- Administrators' firm
- Kroll
- Formerly
- Progressive Care Homes Ltd; Extensive Homes Limited
- Incorporated
- 2016-05-17
- Location
- London
- Industry
- 87200 Residential care activities for learning difficulties, mental health and substance abuse
Why it went into administration
- Creditor pressure / legal action
- Regulatory change or action
- Funding withdrawn / unable to refinance
- Property / lease costs
From the administrators' statement
Churchlake Holdings (“Topco”) is the parent company of the Group which between them own and operate 11 residential care homes with five homes located in the North-West and six homes located in the NorthEast of England.
In July 2022, the Secured Creditor advanced two term loans to the Group totalling c.£16.2 million alongside a loan of £1.5 million provided to the Group by Frederick Sinclair-Brown. On 30 September 2022, management provided detailed information to the Secured Creditor that the individual care homes had good occupancy rates, were overall profitable with an EBITDA of c.£3 million, cash at bank of c.£400,000 and CQC reports which were largely rated as “Good”, with two homes rated as “Requires Improvement”.
ADM 04001 — Statement of Proposals ~6~ K Rv ) L L
Administrators' statement of proposals (2023-01-05) · Companies House register