Theon Developments Limited (10882221): administration
- Status
- In administration
- Administration began
- 2022-08-16
- Administrators
- Steven Phillip Ross, Allan David Kelly
- Administrators' firm
- FRP Advisory
- Incorporated
- 2017-07-25
- Location
- Newcastle upon Tyne
- Industry
- 41100 Development of building projects
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
The Company was incorporated on 25 July 2017. Its sole director is Gary Forrest. Its sole shareholder is HSCF.
During 2018 it acquired the whole of the share capital of WW. WW had acquired the property with a view to developing it into a block of flats.
The Company obtained funding from Actua Investments LLC (a Dubai registered company) in May 2018. The Administrators understand that the funds received were c£4m. Actua Investments LLC did not register a debenture or charge against the Property until they registered a UN1 against the title in 2022.
Administrators' statement of proposals (2022-10-12) · Companies House register