Ocea Group Limited (10744129): administration
- Status
- Administration ended
- Administration began
- 2023-04-05
- Administrators
- Ian Lawrence Goodhew
- Administrators' firm
- EY
- Incorporated
- 2017-04-27
- Location
- London
- Industry
- 70229 Management consultancy activities other than financial management
Why it went into administration
- COVID-19
- Property / lease costs
- Rising interest rates
- Energy costs
- Supply chain disruption
- Funding withdrawn / unable to refinance
- HMRC / tax arrears
- Brexit
From the administrators' statement
Ocea Group Limited, (“the Company”), was incorporated on 27 April 2017 and until 2 March 2021 when Justine Curtis resigned as a director, the two directors and shareholders were Glenn Delve and Justine Curtis.
The Company raised monies from investors in order to make loans to subsidiary or connected companies in order to fund property developments; usually the conversion of existing premises for residential use. The average interest rate offered to investors was approximately 15%. The development companies would also obtain funding from financial institutions who would have a first charge on the properties. The development companies also provided additional security over the properties to certain parties that had made loans to the Company but the loans provided by the Company were not supported by any security over the property assets of the borrowers.
At around the time of the commencement of the Covid pandemic, the Company's accounts to April 2020 showed that trading had been successful in generating shareholder value to that date of £485,621. However, the Company's current liabilities include amounts due to HM Revenue & Customs that date back to commencement of the Covid pandemic. The accounts for the first year of the pandemic show a loss in the year to April 2021 of over £2 million; giving a shareholder deficit of over £1.5 million.
Administrators' statement of proposals (2023-06-01) · Companies House register