ECS Peterborough 1 LLP (OC398723): administration
- Status
- Administration ended
- Administration began
- 2021-11-12
- Administrators
- Gavin George Scott Park, Matthew James Cowlishaw
- Administrators' firm
- Teneo
- Incorporated
- 2015-03-10
- Location
- Birmingham
Why it went into administration
- Funding withdrawn / unable to refinance
- Rising interest rates
From the administrators' statement
The Partnership has been unable to service its secured debt obligations in respect of the PCC Loan. The PCC Loan was intended to be required for a short period only until a refinancing was completed, and carries an interest rate of 6%. After payment of interest, limited funds have been available for amortisation of the loan principal and no material amortisation has been achieved since the PCC Loan was drawn down.
Steps taken to remedy/turnaround
The Partnership and PCC have explored various initiatives to remedy the situation including:
Administrators' statement of proposals (2021-11-26) · Companies House register