Ciel Central Hall Limited (10545972): administration
- Status
- Administration ended
- Administration began
- 2019-04-04
- Administrators
- Paul Steven Cooper, Nedim Patrick Ailyan
- Administrators' firm
- Cooper of David Rubin & Partners
- Incorporated
- 2017-01-04
- Location
- Orpington
- Industry
- 68209 Other letting and operating of own or leased real estate
Why it went into administration
- Creditor pressure / legal action
From the administrators' statement
3.1 The Company was incorporated on 4 January 2017 and its principal activity was that of Property Development. It started trading following its acquisition of property at 196-224 Corporation Street, Birmingham B4 6QB, also known The Methodist Central Hall.
The Company obtained planning permission to convert the building into a high end Hotel with 147 bedrooms and 75 apartments. Initial funding for the project was via a third party funder. However, when additional funding was required, no agreement could be reached between the Directors and Reditum Capital (“RC”) and Midos Group (“MG”) stepped in, in an attempt to rescue the project. RC and MG, jointly discharged the debts due to the previous funders.
RC and MG reviewed the financial position and the existing business plan, and it became abundantly clear that many of the aspects of the plan were unviable, and that poor management decisions had led to costs being unnecessarily inflated.
Administrators' statement of proposals (2019-06-14) · Companies House register