Readtex Services Limited (SC286488): administration
- Status
- Administration ended
- Administration began
- 2013-11-28
- Administrators
- Paul Dounis, Kenneth W Pattullo
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2005-06-22
- Location
- Glasgow
- Industry
- 41100 Development of building projects
Why it went into administration
- Cash flow / liquidity pressure
- Funding withdrawn / unable to refinance
- Property / lease costs
From the administrators' statement
Readtex Services Limited (“RSL”) was incorporated on 22™ June 2005.
RSL operated as a property development and investment business and was formed to acquire sites and buildings with the potential to be redeveloped into residential investment property. The company acquired four development opportunities: two in the Main Street in Kilwinning, one in West Kilbride and one in Saltcoats. All of these locations are within a short drive of each other and the aim was to capitalise on low acquisition prices, quickly secure planning then to redevelop the sites/property to create a significant value uplift.
The first project, in Kilwinning Main Street, developed a total of seven residential units for let. In the adjacent building, plans were advanced for the redevelopment of five new build flats. On completion of that project, a redevelopment of a further five flats in West Kilbride was planned. The Saltcoats project was to be commenced after West Kilbride was complete.
Administrators' statement of proposals (2014-01-31) · Companies House register