Castle Terrace Apartment Ltd (SC368143): administration
- Status
- Administration ended
- Administration began
- 2012-10-02
- Administrators
- David K Hunter, Derek Forsyth
- Administrators' firm
- Azets
- Incorporated
- 2009-11-06
- Location
- Renfrew
- Industry
- 68209 Other letting and operating of own or leased real estate
Why it went into administration
- Property / lease costs
From the administrators' statement
JOINT ADMINISTRATORS
The Company was incorporated on 6 November 2009 and commenced trading in 2010. Its principal activity was the short term let of the property at 9b Castle Terrace, Edinburgh, which was the only asset of the Company at the date of the appointment of administrators.
The director advised that following the purchase of the property the Company successfully let the property to holiday makers or those visiting on business on short term lets. The director advises that the Company noted a distinct decline in advance bookings in the 18 months leading up to the appointment of the joint administrators. Further the Company experienced an increase in the number of visitors seeking a discount on the rates charged, making it increasingly difficult to remain profitable.
Administrators' statement of proposals (2012-11-27) · Companies House register