DNA (Nestles Square) Limited (12612717): administration
- Status
- In administration
- Administration began
- 2022-12-21
- Administrators
- Philip Reynolds, Steven John Williams
- Administrators' firm
- FRP Advisory
- Formerly
- ZX (Nestles Square) Limited; DNA CH Nestles Limited
- Incorporated
- 2020-05-20
- Location
- London
- Industry
- 41100 Development of building projects
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
The Company was incorporated on 20 May 2020 as a special purpose vehicle to acquire the Property with a view to obtaining planning permission for a mixed-use residential scheme 1. The Company acquired the Property on 24 June 2020 for total consideration of £23m plus VAT.
The Company raised debt finance in order to fund the transaction from the Secured Creditors. Vebral Limited (as senior secured creditor} has provided funds totalling £18m and Hayes Ventures (as second ranking secured creditor) provided mezzanine funding totalling £23m.
Vebral benefits from fixed and floating charge security over the Company’s assets created on 26 March 2021, delivered to the Registrar of Companies on 26 March 2021.
Administrators' statement of proposals (2023-02-17) · Companies House register