First Northbridge Limited (11446347): administration
- Status
- Administration ended
- Administration began
- 2020-05-26
- Administrators
- Paul David Allen, Anthony John Wright
- Administrators' firm
- FRP Advisory
- Formerly
- Capital Bridge Bondco 1 Limited
- Incorporated
- 2018-07-03
- Location
- London
- Industry
- 64303 Activities of venture and development capital companies
Why it went into administration
- Rising interest rates
From the administrators' statement
The Company was incorporated on 3 July 2018 and operated from leasehold premises in Liverpool. The Company has two directors, no employees and is beneficially owned by one of the directors, Paul Dalton, through the connected parent company, CBFS.
The Company was established with the sole objective of raising capital to be loaned to CBFS via a loan agreement, for onward lending to third party property developers within the UK, as a type of bridging loan. Capital was raised by the Company through the issuing of bonds that offered a return of 9% per annum that could be purchased by.investors through an IFISA. The funds derived from these bonds were then loaned to CBFS (at an interest rate of 12% per annum) and then subsequently lent to the - third-party property companies (at an interest rate of 18% per annum). The bonds
are described as non-readily realisable, transferable secured debt instruments which ..
Administrators' statement of proposals (2020-07-24) · Companies House register