# Padstow Heights Limited (13525448)

> Why UK company 13525448 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/13525448

- **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- Funding withdrawn / unable to refinance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.

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/13525448/filing-history/MzM5MzI5ODEwOGFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/13525448

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.