Mountcove Properties Limited (SC216424): administration
- Status
- Administration ended
- Administration began
- 2013-10-14
- Administrators
- Paul Dounis, Kenneth W Pattullo
- Administrators' firm
- Begbies Traynor
- Formerly
- Modelsweet Limited
- Incorporated
- 2001-03-06
- Location
- Glasgow
- Industry
- 68100 Buying and selling of own real estate
Why it went into administration
- Cash flow / liquidity pressure
- Funding withdrawn / unable to refinance
- Property / lease costs
From the administrators' statement
Mountcove Properties Ltd (“MPL”) was incorporated on 6 March 2001.
The company operated as a property investment business and had a residential portfolio (17 properties) in Glasgow and a commercial unit in the west end of Glasgow, in Partick Bridge Street, which trades as a bar/restaurant.
In common with many property companies, the business was over-geared, with net rental income insufficient to cover capital and interest costs. In addition, the residential properties, when revalued, indicated that the Bank was likely to realise a loss on the sale of the portfolio were it to come to the market.
Administrators' statement of proposals (2013-12-19) · Companies House register