Platinum Properties (Glasgow) Ltd. (SC286925): administration
- Status
- Administration ended
- Administration began
- 2013-08-02
- Administrators
- Kenneth W Pattullo
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2005-07-01
- Location
- Glasgow
- Industry
- 68209 Other letting and operating of own or leased real estate
Why it went into administration
- Cash flow / liquidity pressure
- Property / lease costs
From the administrators' statement
Platinum Properties (Glasgow) Limited was formed in 2005, by the director, Barry Dempster, and operated as a property rental company.
The company built up a residential and commercial property portfolio of 7 properties, which are situated in various locations within the Glasgow and Motherwell areas. Since 2007, the company had been supported financially by Clydesdale Bank. A schedule of owned properties is attached at Appendix A for information.
In 2013 the company began to experience cash flow difficulties which in turn led to the director being unable to maintain payments to Clydesdale Bank in line with the terms and conditions of the current lending facility.
Administrators' statement of proposals (2013-10-03) · Companies House register