Accumulate Residences Limited (12371093): administration
- Status
- Administration ended
- Administration began
- 2021-11-04
- Incorporated
- 2019-12-19
- Location
- Northampton
- Industry
- 70221 Financial management
Why it went into administration
- COVID-19
- Rising costs / inflation
- Loss-making contracts / project overruns
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 ("PJH”), and my investigations since my appointment.
The Company was incorporated on 19 December 2019. Its sole director on incorporation was Mr Paul James Howells (“the Director’) and its sole shareholder was ACL).
The Company operated as an investment manager with the purpose of raising funds from investors to part-finance the acquisition and redevelopment of 111-112 Cheyne Walk, London, SW10 ODJ, as registered at HM Land Registry under title number LN119404 (“the Property”). Once the fundraising was complete, monies were advanced from the Company to Chelsea Riverside Residences Limited ("CRRL”) by way of a secured loan arrangement, and with assistance from a separate loan facility, CRRL acquired the Property. CRRL was a Special Purpose Vehicle ("SPV") incorporated for the purpose of owning and developing the Property.
Administrators' statement of proposals (2021-12-21) · Companies House register