Appleby Castle (Outbuildings) Limited (10625513): administration
- Status
- Administration ended
- Administration began
- 2022-05-31
- Administrators
- Paul David Allen, Glyn Mummery
- Administrators' firm
- FRP Advisory
- Incorporated
- 2017-02-17
- Location
- London
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
In 2018 SASPC, a Cayman Islands Segregated Portfolio Company (SPC) lent VAT Bridge 7 Limited (“VATB7”) approximately £21m. The loan is secured by a debenture registered at Companies House on 14 August 2018.
The purpose of the loan was to fund VAT bridging deals whereby VATB7 would offer short term loans to companies purchasing commercial property on which VAT was payable on purchase.
In 2020, VATB7 became unable to repay the interest or the principal of the loan from SASPC and it entered into a Moratorium procedure on 9 July 2020. This ceased on 29 July 2020.
Administrators' statement of proposals (2022-07-28) · Companies House register