Whichdeal Properties Limited (11551614): administration
- Status
- Administration ended
- Administration began
- 2023-11-13
- Administrators
- Asher Miller, Stephen Mark Katz
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2018-09-04
- Location
- London
- Industry
- 68209 Other letting and operating of own or leased real estate
Why it went into administration
- Creditor pressure / legal action
- Cash flow / liquidity pressure
- Property / lease costs
From the administrators' statement
The Company was incorporated in September 2018 as a special purpose vehicle to purchase the building at 52 Willis Way, Poole, Dorset BH15 3SY (“the Property”) after it was decided by a connected company, Whichdeal Ltd, that it would part-fund the acquisition of a building from which it would trade.
Funding for the acquisition of the Property was obtained via a commercial mortgage from Barclays Bank Ple ("Barclays") and an intercompany loan of £490K from Whichdeal Ltd. The Property was acquired for £1.465m in 2019, with a further £240K then spent refurbishing the building.
Upon completion of the work, the building was leased to Whichdeal Ltd, with the upper floors sublet to cover the whole cost of the building and aid Whichdeal Ltd’s trading.
Administrators' statement of proposals (2024-01-03) · Companies House register