Hardacre Investments (Wembdon) Ltd (10871863): administration
- Status
- Administration ended
- Administration began
- 2022-06-15
- Administrators
- Andrew Hook, Julie Anne Palmer
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2017-07-18
- Location
- Exeter
- Industry
- 68100 Buying and selling of own real estate
Why it went into administration
- Loss-making contracts / project overruns
- COVID-19
- Funding withdrawn / unable to refinance
From the administrators' statement
The company was incomorated on 18 July 2017, the sole director being Mark Warren (‘the former director’) Onginaty there were three investors‘sharehokders, Mark Prudden. Russell Wickens and Garry Peagram, who each mtroduced £85,000 in 2017 to develop the site
By September 2019 planning had been granted to build four properties at Orchard View, Wembdon (‘the devetopment’) and the former director approached Backs Finance Ltd (‘Bncks‘) for development finance Some works had already commenced and total funds of £1,073,000 were fequired to pay out two prior investors and the remamder of the bud casts, personaly guaranteed by the former director and hrs partner A proect manager and Quantity Suveyor had also been appointed. An 18 month toan term was agreed
-3against a projected 8 month duikd term, giving 6 months for sales and an allowance for delays, with no Penalbes for earty repayment
Administrators' statement of proposals (2022-08-10) · Companies House register