Exeter Number 1 Limited (10284380): administration
- Status
- In administration
- Administration began
- 2023-03-28
- Administrators
- Michelle Marie Elliot, Gary Hargreaves
- Administrators' firm
- FRP Advisory
- Formerly
- Armada Birmingham Limited; Broadsword Estates Limited
- Incorporated
- 2016-07-18
- Location
- Preston
- Industry
- 68100 Buying and selling of own real estate
Why it went into administration
- Creditor pressure / legal action
- Funding withdrawn / unable to refinance
From the administrators' statement
The Company was incorporated in July 2016, originally as Broadsword Estates Limited before a change of name to Armada Birmingham Limited in June 2018, and subsequently to its current name in November 2018. The Director and shareholder at the date of the Administrators’ appointment was Rebecca Elizabeth Smith. On 28 March 2023, the date of the Administrators’ appointment, the Registrar of Companies was updated to show that Duncan Hamilton was registered as a Director on 3 March 2023,
Up to 31 December 2019, the Company filed dormant accounts, and from incorporation, there have been multiple changes in directors and the allocation of shareholdings.
In January 2022, the Company acquired the long leasehold interest in Cobalt 3.1 for £3.1 million. The leasehold interest is for a 125 year term dated 5 October 2005, commencing 29 March 1996 on a peppercorn rental. Cobalt 3.1 comprises a detached 3 storey office building with two wings and a central core, utilised, in the main, as serviced offices, though parts are occupied on longer leasehold interests. Assetz understood that upon completion, Cobalt 3.1 was to be let to Newflex for a 15 year term at an initia! rental of £530,000 per annum, guaranteed by Remus.
Administrators' statement of proposals (2023-05-23) · Companies House register