EDC Trade Holding Ltd (SC410273): administration
- Status
- Administration ended
- Administration began
- 2016-11-14
- Administrators
- Alexander Iain Fraser, Thomas Campbell Maclennan
- Administrators' firm
- FRP Advisory
- Incorporated
- 2011-10-31
- Location
- Aberdeen
- Industry
- 55100 Hotels and similar accommodation
Why it went into administration
- Competition / price pressure
- Funding withdrawn / unable to refinance
From the administrators' statement
The Companies form a group with EDC being the parent of two subsidiaries, EDCH and EDCWH. EDC was incorporated in 2011 and acquired the share capital in EDCH and EDCHW in 2012.
On 7 September 2016, Ryan Grant, Ben Browne and Anne O'Keefe, all of AlixPartners, were appointed Joint Administrators of European Development Company (Bridge of Don Hotel) Limited, European Development Holdings Limited and Verase Limited, which are in common ownership to the Companies. However, there is no formal corporate group structure which links those entities to the Companies.
EDCH was incorporated in 2000 and in 2002 instructed the build of the hotel known as Holiday Inn Express Aberdeen City Centre (“HIEA”). In 2003 premises at Picardy Place, Edinburgh, were acquired and in 2004 they were transformed into the hotel known as Holiday Inn Express Edinburgh City Centre (HIEE”).
Administrators' statement of proposals (2016-12-20) · Companies House register