SAL Investments Limited (SC279848): administration
- Status
- Administration ended
- Administration began
- 2011-11-21
- Administrators
- Paul Dounis, Kenneth Wilson Pattullo
- Administrators' firm
- Begbies Traynor
- Formerly
- G82 (Irvine) Limited; Lycidas (426) Limited
- Incorporated
- 2005-02-11
- Location
- Edinburgh
- Industry
- 7487
From the administrators' statement
The Company operated as a property developer and was developing a site known as Young House in the Wishaw area of Glasgow.
The property is separated into twelve separate units, and a retail space. The units have been on the market since September 2011 and have generated some interest however no formal offers have been received. The property also contains two phone masts which currently generate rental income.
The reasons for the Company’s insolvency are mainly due to the failure of the prime contractor's business which led to completion delays and escalating costs. Also the Company was unable to achieve any sales in the current market and the units have not been able to be tenanted resulting in no income to service debt repayments and interest.
Administrators' statement of proposals (2012-01-23) · Companies House register