Our Administrators of a local tourist attraction on Eastbourne seafront have achieved its sale after many months of protracted negotiations. A number of early expressions of interest unfortunately failed to materialise and the park stayed closed for a long period. The team worked hard with the council and other parties to secure a new tenant for the park. The eventual deal saw the new company take a lease which also pays rent arrears to the council. The attraction has reopened this summer with new activities that will prove a good draw for tourists.
SRM Holdings, a Leeds based property group and 36 of its subsidiaries which included Morris Properties, had debts totalling more than £50m owed mostly to a number of high street banks. The economic downturn in the housing market coupled with some bad publicity surrounding the business were cited as the main reasons for the failure of the company. All staff were unfortunately made redundant following the collapse. Investigations into the conduct of the companies’ directors have now commenced.
Chiltern Mills is one of Yorkshire’s longest established textile retailers, which operates retail outlets in the North of England, unfortunately, the business became at risk when the parent holding company went into administration following issues with contracts and leases on its premises. Following a reorganisation to secure the successful trading company, the firm received further investment and was taken out of the ownership of its former parent company saving over 170 jobs.
Wolfteam Limited, the North East based owner of the Le Frog outlets, was placed into administration. The business was in a difficult trading position due to the economic slowdown and a reduction in the disposable income of its customers. Putting the business into administration gave directors’ protection from creditors until a new owner could be found. After appointment the businesses were operated under licence so a marketing exercise could be undertaken, followed soon after by a sale.
Managing trading for a trust management company is technically complex, needing insolvency experience and trust and estate practice qualifications. This firm could not meet ongoing regulatory and compliance requirements, so directors, the financial Regulator and Guernsey Royal Court appointed our Channel Islands team: fully experienced in restructuring. As the first administration of its kind in the CI, it needed close liaision between Administrators, the Regulator and other jurisdictions. The client portfolio is being moved to other management firms.
Operators of Planet Hollywood at the Trocadero in London went into administration on expiry of the lease and negotiations with the landlord failed. Rent over £1m p.a. and a large dilapidation claim made trading unprofitable. We then handled the administration: trading ceased and staff (about 100) became redundant. The company has now exited from administration and is in a CVA (Company Voluntary Arrangement). A new Planet Hollywood has opened at Haymarket in London.
This London-based large-scale printer was given a cash payment to move from its site by the London Development Agency (LDA), making way for London’s 2012 Olympic Park. After moving, the firm experienced financial problems due to a decline in the printing sector, a large extraction of money and increased pressure from creditors. The bank then took the decision to appoint us as administrators. Our team secured the site, starting investigations into the company including assessing assets and liabilities. One hundred staff were made redundant. Our investigations continue but proceedings are commencing against former company officers and associated parties to return funds to the firm.
Just a week after being placed into administration, our London team sold the assets and trade of Marston & Langinger to a new management team. Our skilful negotiation greatly increased the offer, in view of the number of interested parties. The High Street lender was repaid in full within three weeks, reducing interest on the debt, benefiting other creditors and saving this well-known maker of conservatories, bespoke joinery, blinds and furniture. The sale means ongoing employment for many staff, a number of contracts are preserved, and creditors claims are much reduced.
The 133-year-old Keighley Cougars ‘Pride of Keighley’ RLFC club faced a winding up petition from HMRC. Attempts by the club and the Rugby League to secure funding and a repayment agreement with the Crown both failed: the remaining options were winding up or administration. Appointed Joint Administrators we immediately secured a sale of the business and assets to a consortium of local businessmen who are fans of the club. As well as saving the club, the deal secured the future of the playing squad and staff at the ground.
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