WAM Developments (Scot) Limited (SC249071): administration
- Status
- Administration ended
- Administration began
- 2017-05-19
- Administrators
- Francis Graham Newton, James Bernard Stephen
- Administrators' firm
- BDO
- Incorporated
- 2003-05-08
- Location
- Glasgow
- Industry
- 41202 Construction of domestic buildings
Why it went into administration
- Property / lease costs
From the administrators' statement
The Company was incorporated on 8 May 2003 and operated from its head office at 35 Hillside Place, Greengairs, Airdrie ML6 7FW. Its principal activity was that of property development.
Around 12 years ago the Company purchased development land in the commuter village of Greengairs just outside Airdrie. Since purchasing the land the Company worked on building and then selling a mixture of detached and semi-detached homes at Greengairs. From the limited information available at this time we understand that the Company struggled to find purchasers for the new homes due to the financial crisis and the location of the plots at Greengairs. This impacted on the final achievable sales prices and sales rates which left the Company unable to service its contracted borrowings with AIB Group (UK) plc.
As part of an impaired debt sale in 2016, AIB Group (UK) plc sold the debt due by the Company to Clipper Holding Il S.a.rl. and assigned the rights to the securities it held. Following discussions regarding the debt due, a demand for payment was served by Clipper Holding 1I S.a.r.L. 11-13 Boulevard de la Foire, L-1528 Luxembourg (“Clipper”) for repayment of the sums due by the Company.
Administrators' statement of proposals (2017-07-13) · Companies House register