Adamo Rivercroft Hotel Ltd (13280136): administration
- Status
- Administration ended
- Administration began
- 2023-07-21
- Administrators
- Arabella Ranby-Gorwood, Charles Howard Ranby-Gorwood
- Administrators' firm
- Arabella Ranby-Gorwood of CRG Financial Recovery
- Formerly
- Adamo SPV BTL1 Ltd
- Incorporated
- 2021-03-21
- Location
- Grimsby
- Industry
- 68100 Buying and selling of own real estate
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
Creditors should note that, unless otherwise stated, this section of the proposals has been prepared based on information provided by the Board of Directors ("the Board”) of the Company and not from our personal knowledge as Joint Administrators.
HNW appointed the Administrators as they had insufficient repayment plans provided by the Company in respect to their arrears and indebtedness. The administration enables consideration of how best to consider realising the value of these premises and / or their development, so was the chosen process by HNW. There would be discussion about potential refinancing and alternatives to resolve matters, but nothing was concluded to the satisfaction of ail parties.
The company owns property at Rivercroft Hotel, Station Road, Cornwall, PL13 1HP. This property was not sufficiently progressed in its expected refurbishment process, to provide an income stream sufficient to enable payment of ongoing obligations. There was insufficient progression of the development to satisfy the concerns of HNW, as to when this would be progressed to enable the funding commitments to be adhered to.
Administrators' statement of proposals (2023-09-29) · Companies House register