Accumulate London SW Limited (12132466): administration
- Status
- In administration
- Administration began
- 2021-11-04
- Administrators
- Kris Anthony Wigfield, Joanne Louise Hammond
- Administrators' firm
- Begbies Traynor
- Formerly
- EQT London SW Limited
- Incorporated
- 2019-07-31
- Location
- Northampton
- Industry
- 70221 Financial management
Why it went into administration
- COVID-19
- Rising costs / inflation
- Funding withdrawn / unable to refinance
From the administrators' statement
It should be noted that the following information has been provided following discussions with the Company’s Director, Mr Paul James Howells, and my investigations since my appointment.
The Company was incorporated on 31 July 2019. Its sole director on incorporation was Mr Paul James Howells and its sole shareholder was Accumulate Capital Limited (“ACL”). ACL is an investment manager and produced and distributed an Information Memorandum (“the IM”) detailing an opportunity to invest in the Company through a syndicated secured loan facility. The — opportunity involved the Company raising funds from investors and then originating a secured loan facility to a Special Purpose Vehicle (“SPV”) known as London South West SW Limited ("LSWSWL’). LSWSWL was incorporated for the purpose of purchasing and redeveloping the property known as 41-13 Thames Street, Kingston upon Thames, London, KT1 1PH, as registered at HM Land Registry under title number SGL810142 (the Property’).
LSWSWL intended to purchase the Property, demolish the existing building and construct a new scheme comprising 16 x 1-bed units, 10 x 2-bed units and ground floor retail (“the Scheme”). | am informed that the Scheme had a total funding requirement of £9,944,517 and these funds were to be raised by way of senior debt of £7,152,000 provided by specialist lender Hampshire Trust Bank Plc (‘Hampshire Debt”). Under an agreement dated 30 August 2019, the Company offered to provide additional funds of £2,866,206 (“further funds”). | am also told that additional funds of £1,000,000 were raised from ‘promoter equity’.
Administrators' statement of proposals (2021-12-21) · Companies House register