Glendine Developments Limited (11561633): administration
- Status
- In administration
- Administration began
- 2021-10-21
- Administrators
- Sarah Megan Rayment, William Innes
- Administrators' firm
- Kroll
- Incorporated
- 2018-09-10
- Location
- London
- Industry
- 64209 Activities of other holding companies n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
Gort, Molana and Glendine all own a variety of retail, residential and commercial properties, which are summarised at Appendix 12. These properties are mainly tenanted and the Companies maintained the properties with a view to the income stream from the various properties being utilised, amongst other things, to service the finance in place with Mount Street, which is secured by way of a debenture and also first legal charges over the various properties.
In line with the terms of the facility letter, a valuation of the Group’s properties was obtained by the Secured Creditor. The valuation obtained noted a significant reduction in the overall value of the portfolio which in turn resulted in the loan to value covenant included with the Secured Creditor’s facility documents being breached. As a result of this breach the Companies had defaulted on the agreement with the Secured Creditor.
The Director opened dialogue with the Secured Creditor in respect of the financial position of the Companies, which resulted in a further valuation being obtained in June 2021, which indicated a further deterioration in the value of the portfolio.
Administrators' statement of proposals (2021-12-21) · Companies House register