Montreaux Cape Limited (14162361): administration
- Status
- In administration
- Administration began
- 2024-07-08
- Administrators
- James Miller, Lee Van Lockwood
- Administrators' firm
- RSM
- Incorporated
- 2022-06-09
- Location
- Leeds
- Industry
- 41100 Development of building projects
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
Montreaux Cape Limited (‘the Company”) was incorporated on 9 June 2022. The Company was set up for the sole purpose of building a new residential housing development at Cape Road, St Albans, AL1 5DJ (“the Development”). Mr David Burke is the current sole director and shareholder of the Company.
To fund the purchase of the land and then build the development, the Company obtained a facility agreement of c£17.3m fram Zorin Avenue Lendco 5 Limited, known as Zorin Finance (‘the Appointor, or Zorin”) in November 2022. Zorin has fixed and floating charge securities over the Company and the Development.
The Development comprised of 37 new build residential dwellings split between 3 and 4bedroom terraced townhouses, and fourteen 1 and 2 bed apartments, which will include 7 apartments to be allocated for social housing. The Development is estimated to be c40% complete, and the Joint Administrators have been advised that to complete the Development additional build work of 9 months would be required, along with further funding requirements of
Administrators' statement of proposals (2024-08-30) · Companies House register