From the administrators' statement

The Partnership was incorporated on 11 September 2007. The Partnership owns eight commercial properties (the Properties), five are located in England and three are located in Scotland The Partnership instructed a third party to undertake the active management of the Properties.

The Partnership received funding from Nationwide Building Society (the Society) and a schedule of charges held by the Society {s attached at Appendix B.

At the time of acquiring the Properties, total rent receivable across the portfolio was approximately £3.2 million per annum, Subsequently, a number of tenants vacated the Properties or entered into insolvency proceedings, resulting in a significant reduction in rent to approximately £2.3 million per annum by November 2012.

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Ashcap (CNC) LLP (OC331269)

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