Artisan Investment Group Limited (10183528): administration
- Status
- Administration ended
- Administration began
- 2021-12-07
- Administrators
- Rehan Ahmed, Jeremy Nigel Ian Woodside
- Administrators' firm
- Quantuma
- Incorporated
- 2016-05-17
- Location
- Manchester
- Industry
- 68209 Other letting and operating of own or leased real estate
Why it went into administration
- COVID-19
- Property / lease costs
- Parent or group failure
From the administrators' statement
3.1 As detailed above, the Company was reliant on income from other group entities and ground rent income in order to meet its costs. When the other group entities were affected by the pandemic, there were limited funds available to meet the Company’s costs.
3.2 In addition to the above, Connect House requires significant remedial works to enable the buildings to be compliant with health and safety regulations against the backdrop of the national enquiry into cladding incorporated into residential buildings in the United Kingdom.
3.3. The head landlord of these properties invoiced the Company service charges on a yearly basis, which the Company would then request from the residents. As part of the demand for service charges, the head landlord would be able to request a reasonable amount to be paid upfront. However, given the level of remedial work costs to be passed through the service charge, the level of reasonable payment was significant.
Administrators' statement of proposals (2022-02-11) · Companies House register