Sovereign Number 1 Ltd (11114586): administration
- Status
- Administration ended
- Administration began
- 2024-06-21
- Administrators
- Chad Griffin, Michelle Marie Elliot
- Administrators' firm
- FRP Advisory
- Incorporated
- 2017-12-15
- Location
- London
- Industry
- 68100 Buying and selling of own real estate
Why it went into administration
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
- Weather / natural events
From the administrators' statement
The Company which operates in the serviced office industry, was incorporated on 15 December 2017. The sole director on appointment was Emma Kayne and she subsequently resigned on 24 June 2024, 3 days after appointment. Emma Kayne is also the 100% shareholder of the company, following the transfer of 500 ordinary shares on 2 February 2024 from Carl Brown. Since incorporation, there have been multiple changes in directors and the allocation of shares.
The Secured Lender provided funding to the Company to acquire the Property at Hillside House, Laurelhill Business Park, Stirling FK7 9JQ. The funding was secured by floating charge created on 17th January 2023 and delivered on 2nd February 2023. A standard security was created on 24th February 2023 and delivered on 15th March 2023. Dreadnought provided a corporate guarantee on the funding, however Dreadnought was subject to a winding up order dated 13 September 2023.
There appears to be a lease in place over the Property between the Company and Remus and we understand there are a number of sub-leases in place. We have been advised that the Property experienced a flood during March 2024, resulting in approximately two-thirds of the Property being unoccupiable.
Administrators' statement of proposals (2024-08-16) · Companies House register