Union Square Manchester Limited (11499927): administration
- Status
- Administration ended
- Administration began
- 2021-06-11
- Administrators' firm
- Mazars
- Incorporated
- 2018-08-03
- Location
- London
- Industry
- 68100 Buying and selling of own real estate
Why it went into administration
- Loss of a key customer, supplier or contract
From the administrators' statement
The Company was incorporated on 3 August 2018 by Mr Alex Taylor, who subsequently appointed Mr Allan Stables as a Director on 5 August 2018 and Mr Jake Knotman and Mr Charles Rhodes on 6 August 2018. The Company made the further appointments of Ms Jenny Dong and Ms Na Li on 14 August 2018. The Company was incorporated as a special purpose vehicle for the joint venture agreement entered into on 30 September 2018 between TRG (51% ownership) and Deals (49% ownership), with a view to purchasing land for development into a (predominantly) residential apartment building. It is understood that under the terms of the joint venture, TRG would be responsible for the development and sale of the apartment units, with Deals role being solely that of investor.
The initial funding was provided by Mrs Ching Wai, via Deals, in the sum of £3m for the purposes of acquiring the Property. The funds were provided under the terms of a loan facility agreement and the Company granted Mrs Wai the Fixed Charge.
The Company purchased the land from Beech Holdings Ltd for the reported sum of £2.88m including VAT, with SDLT payable of £109,500. The development as designed comprised 38 residential units and 3 ground floor commercial units and by 24 January 2019, TRG had announced that all units had been sold to purchasers “off-plan”. GW and Weightmans were engaged by the Company to assist with sales contracts and conveyancing. The total deposits and reservation fees received by the Company in respect of the units total an estimated £2.16m, based on information provided to the Administrators.
Administrators' statement of proposals (2021-08-07) · Companies House register