CSE (West Regent Street) Limited (SC332221): administration
- Status
- Administration ended
- Administration began
- 2012-04-25
- Administrators
- Alan A Brown, David Christian Chubb
- Administrators' firm
- PwC
- Formerly
- ST. Vincent Street (468) Limited
- Incorporated
- 2007-10-10
- Location
- Glasgow
- Industry
- 7011
Why it went into administration
- Funding withdrawn / unable to refinance
- HMRC / tax arrears
- Creditor pressure / legal action
- Credit insurance / supplier credit withdrawn
From the administrators' statement
In addition to the facilities made available by the Bank to the CSE Group, a number of other funders provided finance to the Union Estates Group which had been used by companies outside of the CSE Group to acquire properties. During the period 21 October 2011 to 25 January 2012, many of these funders took steps to enforce their security over the properties that they had funded resulting in LPA Receivers/ Administrators being appointed over many Union Estates Group properties/ subsidiaries. This impacted on the CSE Group’s cash flow position as suppliers tightened credit terms. The directors explored a number of options for restructuring CSE and its subsidiaries, however as the CSE Group’s cash flow position deteriorated, HMRC issued a winding up petition against CSE, and after discussions with the Bank the decision was taken for the Company to seek protection through an administration process.
The manner in which the Company’s affairs and business have been managed and financed
The Administrators have worked with the Company’s suppliers and other stakeholders to stabilise the WRS Property and the underlying business of the Company. It is anticipated that a firm of property managers will be brought in to manage the day to day running of the WRS Property, whilst letting agents will be engaged with a view to achieving further lettings before the WRS Property is brought to the market for sale. The Company will continue to trade under the control of the Administrators during this process and it is expected that it will be financed from rental income and Bank funding.
Administrators' statement of proposals (2012-06-20) · Companies House register