Brockenhurst Holdings Ltd (10581059): administration
- Status
- Administration ended
- Administration began
- 2024-03-14
- Administrators
- Edwin David Stanley Kirker
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2017-01-24
- Location
- London
- Industry
- 64209 Activities of other holding companies n.e.c.
Why it went into administration
- COVID-19
- Property / lease costs
- Rising interest rates
From the administrators' statement
2.1 The Company was incorporated on 24 January 2017 as a property development company. The directors are Andrew Gosling and Raymond Richfield. Raymond Richfield was appointed as a director on 27 February 2024 solely to comply with a technical point and facilitate my appointment as Administrator. He has not taken any part in the management of the Company.
2.2 Following incorporation, the company bought two investment properties, listed in the summary Statement of Affairs in Appendix 3 as 17 Cedar Drive and 71 Eastgate. It built another property in Winkfield that sold after five days of marketing, and oversaw the redevelopment of the Brockenhurst Hotel in Ascot into twelve luxury apartments (Birchcroft) that were completed in August 2019. Of the twelve apartments, seven have been sold and five remain. The properties can be viewed on the Strutt & Parker website using the link at Appendix 3.
2.3 The director attributes the difficulty in selling the remaining apartments to the Covid-19 pandemic and the subsequent sharp rise in interest rates. There are, however, signs that the market is improving, and it is hoped that at least some of the remaining apartments will be sold over the summer months. Meanwhile, the properties are generating rental income which is sufficient to cover mortgage payments.
Administrators' statement of proposals (2024-05-25) · Companies House register