Pride Dundee Limited (SC283077): administration
- Status
- Administration ended
- Administration began
- 2014-06-09
- Administrators
- Simon Kirkhope, Chad Griffin
- Administrators' firm
- FTI Consulting
- Formerly
- GRL Properties Limited
- Incorporated
- 2005-04-11
- Location
- Glasgow
- Industry
- 68209 Other letting and operating of own or leased real estate
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
The Company is a property investment company, established in 2005. The Company owns and operates an accommodation block in Dundee, offering student lets,
Originally the property was fully rented by the University of Abertay, and re-let to their students. This arrangement was subsequently cancelled by the University of Abertay. Since this time the property has suffered from jower than anticipated occupancy levels and in early 2013 following unsuccessful attempts by the management to increase occupancy, Virtualets, a managing agent, was appointed to take control of this process.
Whilst this resulted in some improvement in the occupancy rate, the property remained underlet partially as a result of a challenging operating environment and partially due to the desirability of the accommodation offered at the property.
Administrators' statement of proposals (2014-07-29) · Companies House register