Time GB Properties Limited (11369349): administration
- Status
- Administration ended
- Administration began
- 2023-05-11
- Administrators
- Geoffrey Paul Rowley, Paul David Allen, Sandra Lillian Mundy, Paul Davies
- Administrators' firm
- FRP Advisory
- Incorporated
- 2018-05-17
- Location
- 1-4 Cumberland Place
- Industry
- 68100 Buying and selling of own real estate
Why it went into administration
- COVID-19
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
From the administrators' statement
The Company was incorporated on 17 May 2018 and is the holding company to 26 subsidiaries within the Royale Life group. The group typically provides bungalow living within communities for those aged 45 and over.
The group was impacted by COVID as the supplies and sales of units across the group reduced significantly leaving a cash shortfall in the group overall. The trading difficulties of the group has impacted the Company.
Whilst the lender remainder supportive, the issuing of an Administration application by Sines Parks Holdings Limited on 5 May 2023 with a hearing date of 12 May 2023 led to ICG Longbow appointing myself and Sandra Mundy as Joint Administrators on 11 May 2023.
Administrators' statement of proposals (2023-07-13) · Companies House register