Moorfields Appointed Administrators over large Property Portfolio in the South
Simon Thomas and Robert Pick of Moorfields Corporate Recovery LLP have been appointed Joint Administrators over a large property portfolio in the South East consisting of over 25 sites and more than 100 units.
The substantial portfolio spread across South East London was developed by a large Group of Property Developers in the South East; The Black Ant Company Limited, TBAC Bleinheim Gardens Limited, Billsop Properties Limited and TBAC Investments Limited.
The Group specialised in the purchase of land with an opportunity to add value through acquiring planning consents, this strategy was later expanded to include building out the acquired sites.
The portfolio was very highly geared and had secured debt of c. £45m from 5 lenders. The group was unable to service the debt and was insolvent on both balance sheet and cashflow bases.
Following the appointment of Moorfields Corporate Recovery we have dealt with numerous issues including securing and insuring the sites, taking control of the rental income, dealing with maintenance and health and safety issues with over 100 residential and commercial tenants to consider. Despite these issues we have now managed to stabilise the cashflow through control of the rental income and maximising this by letting vacant units. This has enabled us to concentrate on achieving sales and maximising the repayment of the principal lenders’ original investment.
Any interested parties should contact Moorfields Corporate Recovery LLP on 0207 186 1144 for further details.
Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists.