Stroud Road Business Park Limited (SC303725): administration
- Status
- Administration ended
- Administration began
- 2014-02-10
- Administrators
- Paul Dounis, Kenneth W Pattullo
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2006-06-12
- Location
- Glasgow
- Industry
- 68100 Buying and selling of own real estate
From the administrators' statement
The Company was incorporated in June 2006 to purchase a property at 14 Stroud Road, East Kilbride. The site was an old cash and carry which the company intended to convert into a number of small office units to be let to local businesses.
Since buying the property the company has undertaken the works required to complete the conversion of the building to a business centre. These works have not as yet been fully completed but the centre enjoyed a occupation rate of roughly 40% for the available finished units prior to the appointment of the Joint Administrators.
In order to purchase the site, the Company obtained funding from Clydesdale Bank (the Bank) which was subject to a security over the land and a floating charge. The borrowing was linked to acquisitions and lending by Stroud Road Business Park (EK) Limited (also in administration), The Partnership of Khan and Akhtar (in sequestration) as well as Mr Saleem Akhtar and Mr Nazir Akhtar as individuals (both also sequestrated).
Administrators' statement of proposals (2014-04-07) · Companies House register