Afaad Investment Properties Ltd (13810740): administration
- Status
- In administration
- Administration began
- 2024-11-28
- Administrators
- James Alexander Snowdon, Georgina Marie Eason
- Administrators' firm
- MHA
- Incorporated
- 2021-12-21
- Location
- London
- Industry
- 96090 Other service activities n.e.c.
Why it went into administration
- Weather / natural events
- HMRC / tax arrears
- Regulatory change or action
From the administrators' statement
Afaad Investment Properties Ltd (“the Company”) was incorporated on 21 December 2021 under the Company registration number 13810740 as a private company limited by shares with Ibrahim Egbejobi (“Mr Egbejobi”) and Adijat Egbejobi (“Mrs Egbejobi”) acting as co-directors and shareholders of equal holding.
The Company was set up as a special purpose vehicle (“SPV”) to facilitate the build out of a mixed use residential and commercial development project site situated at 21 Jeffery Street, Gillingham, Kent, ME7 1DE. The Company acquired the freehold property previously known as The Dog and Bone Public House, 21 Jeffery Street, Gillingham, ME7 1DE. It is understood that the land was purchased in December 2021 for a sum of £1,020,000.
The purchase of the land was made through a secured loan facility advanced by Clearwell Development Finance Three Limited (“Clearwell”). Additional financing of £685,000 was also advanced by Clearwell upon completion of the freehold site, which formed part of the “First Advance”, as agreed with the Clearwell.
Administrators' statement of proposals (2025-01-24) · Companies House register