Bracknell Property LLP (OC370235): administration
- Status
- Administration ended
- Administration began
- 2022-03-21
- Administrators
- Nicola Banham, Derek Forsyth
- Administrators' firm
- Azets
- Incorporated
- 2011-11-28
- Location
- London
Why it went into administration
- Property / lease costs
- Funding withdrawn / unable to refinance
- Parent or group failure
- Cash flow / liquidity pressure
From the administrators' statement
The information below has been provided using information provided by the directors which may not yet have been verified by the Joint Administrators.
Cathcart was incorporated on 17 November 2011, as a special purpose vehicle for providing investment to LLP via third party financing from Leumi. The funding was specifically for the purpose of acquiring the Lease from PZR and for the renovation of the Property, following which the Property would primarily be operated as a hotel by a subsidiary operating company specifically formed for that purpose. Additionally, the Property was complemented by two standalone restaurant units. Cathcart holds 60% of the share capital in LLP. Cathcart is a wholly owned subsidiary of Harcourt in which the directors, Mark Fielding and Alison Brister have a controlling interest.
LLP was incorporated on 28 November 2011 for the purposes of providing an investment vehicle for high-net-worth individuals to fund the acquisition of the Lease for the Property and the renovation of that Property. Funding was provided via equity and loans from members. As noted above, the Property was to be utilised as a trading hotel premises together with two additional standalone restaurant units to be leased to unrelated third parties. As noted above, Cathcart owns 60% of LLP with the remaining 40% being owned by 48 individual investors.
Administrators' statement of proposals (2022-05-13) · Companies House register