Hayden Homes Limited (10674359): administration
- Status
- In administration
- Administration began
- 2021-08-25
- Administrators
- Arron Simon Kendall, Milan Vuceljic
- Administrators' firm
- Moorfields
- Incorporated
- 2017-03-16
- Location
- London
- Industry
- 41100 Development of building projects
Why it went into administration
- Loss-making contracts / project overruns
From the administrators' statement
Attached at Appendix Il is an account of the work undertaken prior to the Joint Administrators’ appointment and the costs associated with that work.
The construction works on the Development endured significant time and cost overruns. In accordance with the terms of the facility agreement with Castle Trust, the Company was obliged to ensure the Development achieved practical completion no later than 30 September 2021. Owing to the construction delays, Castle Trust requested that the Company provide a revised construction programme, as was their right under the facility agreement. However, the Company was not forthcoming with this information. To further compound matters, the Company informed contractors in late August 2021 that it would be closing the development site, effectively suspending its business operations.
Castle Trust had lost confidence in the Company’s ability to complete the Development and proceeded to issue a demand letter on 23 August 2021 due to events of default taking place. The Company was unable to make payment following the demand.
Administrators' statement of proposals (2021-10-21) · Companies House register