Versant (Salcombe) Limited (10570835): administration
- Status
- In administration
- Administration began
- 2021-01-26
- Administrators
- Sarah Megan Rayment, William Innes
- Administrators' firm
- Kroll
- Incorporated
- 2017-01-18
- Location
- Manchester
- Industry
- 41100 Development of building projects
Why it went into administration
- Cash flow / liquidity pressure
From the administrators' statement
As detailed above, the Company experienced a number of issues, both financially and practically, since early 2018 which resulted in the development works coming to a standstill on multiple occasions.
The Secured Creditors agreed to a number of cash injections in an attempt to ease cashflow pressures on the Company so that the Development could continue as planned. However, the Company’s financial difficulties showed no signs of improving and a lack of progress had been made on the Development when considering the funding that had been provided to the Company by the Secured Creditors.
Given the above, and in an attempt to preserve their position, Together approached Duff & Phelps to undertake a review of the situation and advise on the options available to them as a Secured Creditor.
Administrators' statement of proposals (2021-03-26) · Companies House register