Detrafford Wavelength Ltd (10310727): administration
- Status
- In administration
- Administration began
- 2022-08-17
- Administrators
- Robert Armstrong, Philip Joseph Dakin
- Administrators' firm
- Kroll
- Formerly
- De Trafford Estates (Navigation Quay) Limited; Liveman De Trafford (Salford Quays) Limited
- Incorporated
- 2016-08-03
- Location
- London
- Industry
- 68320 Management of real estate on a fee or contract basis
Why it went into administration
- Creditor pressure / legal action
- COVID-19
- Sustained trading losses
- Brexit
From the administrators' statement
As a result of the global pandemic, the Company encountered a number of challenges which resulted in trading losses. These challenges and the global economic position at that time made securing additional funding to commence the development difficult to achieve. Such challenges included (1) contractors entering administration, together with OSA design faults (2) additional interest costs (3) a sale slow down due to Brexit and (4) staff expansion and dispansion costs.
The site was subsequently placed on the market and a firm of independent agents were engaged to handle the sale. It was hoped a buyer with sufficient funding to deliver the development could be found. However, no formal offers were received by the agents. The Joint Administrators do though understand, from the Director, that interest remains in the site.
Whilst this interest was being progressed the Company received a winding up petition for unpaid investor liabilities totalling £725k.
Administrators' statement of proposals (2022-10-18) · Companies House register