Padstow Heights Limited (13525448): administration
- Status
- In administration
- Administration began
- 2023-07-11
- Administrators
- Benjamin John Wiles, Geoffrey Wayne Bouchier
- Administrators' firm
- Kroll
- Incorporated
- 2021-07-22
- Location
- London
- Industry
- 55300 Recreational vehicle parks, trailer parks and camping grounds
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
The Group is a provider of park homes with a business model based on acquiring caravan parks and leisure-based assets generally, regularising planning consents and then developing and selling residential park homes for owner occupation. The portfolio is a mix of residential, holiday, and touring locations typically located on countryside and coastal Development Lands across the UK at varying stages in the planning process.
The Group began defaulting on various of its loan obligations and, as a result, Kroll were engaged in February 2023 on behalf of certain lenders including the Secured Lender and the Group, to review the short-term cash flow forecasts (at Group and Portfolio level} and to advise on exit options and related contingency planning considerations. The Secured Lender continued to support the Group during a period of forbearance on the loan repayments.
Whilst remaining under close review, concerns were increasing in relation to the Group’s deteriorating financial position, which resulted in the Secured Lender deciding to enforce its security and taking the necessary legal steps to place the Companies into Administration.
Administrators' statement of proposals (2023-09-15) · Companies House register