YPG Investar Islington House Ltd (10570805): administration
- Status
- Administration ended
- Administration began
- 2021-09-06
- Administrators
- Ian James Corfield, Philip Reynolds
- Administrators' firm
- FRP Advisory
- Formerly
- YPG Islington House Ltd
- Incorporated
- 2017-01-18
- Location
- London
- Industry
- 41100 Development of building projects
Why it went into administration
- Funding withdrawn / unable to refinance
- COVID-19
From the administrators' statement
The Company was incorporated on 18 January 2017 as a special purpose vehicle to acquire the Property for the purpose of developing, building and selling residential apartments. The Administrators understand that the Company exchanged contracts for the purchase of the Property from Islington Regeneration Company Limited on 28 February 2017. Following a successful application by the Company to change the existing planning permission at the Property from student accommodation to a residential scheme, the Company completed the purchase on 29 January 2018 for a consideration of £3.25m plus VAT.
The Company’s acquisition of the Property was funded in part through bridging finance provided by West One Loan Limited in January 2018. This bridging loan was refinanced by Ultimate Bridging Finance Limited in August 2019.
A further refinancing took place in February 2020, in which a facility of approximately £3.6m was provided by Cynergy. The term of the Company’s facility with Cynergy was subsequently extended on a number of occasions, the last of which extensions was to 30 June 2021.
Administrators' statement of proposals (2021-11-04) · Companies House register