# Readtex Services Limited (SC286488)

> Why UK company SC286488 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/SC286488

- **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- Funding withdrawn / unable to refinance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.

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/SC286488/filing-history/MzA5MzY3NzQwM2FkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/SC286488

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.