Blue Bear Management Limited (10239690): administration
- Status
- Administration ended
- Administration began
- 2020-12-18
- Administrators
- Philip Lewis Armstrong, Anthony Steven Barrell
- Administrators' firm
- FRP Advisory
- Incorporated
- 2016-06-20
- Location
- 170 Edmund Street
- Industry
- 70229 Management consultancy activities other than financial management
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
As detailed above, the Company was in the final stages of converting a non-domestic building to an 80 bedroom student residential dwelling.
On 4 October 2020, RM notified the Company that an event of default had occurred under its facility agreement on the basis that the Company had failed to make repayment by the termination date. Concerns were raised by RM when the Director failed to respond to various correspondence and it was unable to ascertain the position as regards security of the Property and the future strategy for it.
RM subsequently contacted FRP and held a conference call on 9 December 2020 to discuss what options were available to it as first ranking QFCH having already taken legal advice on its position.
Administrators' statement of proposals (2021-02-03) · Companies House register