Commodore Homes (Lanarkshire) Limited (SC285116): administration
- Status
- Administration ended
- Administration began
- 2011-09-01
- Administrators
- Blair Carnegie Nimmo, Gary Steven Fraser
- Administrators' firm
- KPMG
- Formerly
- Milsamco (No.104) Limited
- Incorporated
- 2005-05-20
- Location
- Edinburgh
- Industry
- 7487
Why it went into administration
- Sustained trading losses
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
From the administrators' statement
The Group operates as a strategic land developer where it purchases brownfield and greenfield land sites and adds value by obtaining local authority planning consents, with the intention of selling these sites to residential and commercial property developers.
The Group has interests in a number of sites across Scotland, with a current portfolio of 18 sites with a total size of approximately 800 acres. The sites are owned by different entities within the Group. Holdings does not. own any property but instead acts as a management company that provides the head office infrastructure and employs the Group’s staff. A Group structure is shown on the next page.
3.2
Administrators' statement of proposals (2010-12-15) · Companies House register