A property conveyancing practice sold its traditional commercial and private client business that employed around 40 staff, to another practice. Following this, the practice experienced problems when a major provider of remortgage work reduced its panel of legal firms and withdrew its current instructions of about 3,550.
Our team of administrators was successful in pre-packaging the sale of the remaining practice to a number of other firms, preserving a proportion of jobs and ensuring that the interests of the firm’s clients were looked after on an ongoing basis.
Appointed Administrators over four connected property cases, with £12m bank debt. One site was sold as it was and with the second we entered into a joint venture with a local builder, who obtained new planning permission and the site was successfully sold – at a cost to the builder and with no cost to the bank.
The remaining two properties are on adjacent sites that face issues such as flooding, difficult tenants, derelict buildings, rubbish dumping and no planning permission. We worked with a development adviser to devise an improved plan to make the site more attractive to purchasers.
A mixed use residential, hotel and retail site is now planned, with an option to buy adjacent land negotiated, and a flood solution agreed with the Environment Agency. Income was maximised from existing tenants and new tenants were found. Planning consent is about to be applied for to enable a higher sale price 500% higher than current value.
We were appointed Joint Administrators to a company who owned a development site consisting of 40 complete, mainly tenanted properties, with bank debt circa £6m.
The key issue was title to the properties, as the director had attempted to transfer the title of the site to another one of his companies. We immediately instructed lawyers to clarify the title issues and took control of rental income. Management agents were instructed to deal with any tenant concerns and marketing of vacant units.
The director was uncooperative and attempted to stop us collecting the rents, however we have managed to secure the vast majority of the rental income on a monthly basis. With the site secure, monthly rental collections and maximum occupancy are anticipated in the near future. This will enable us to market the portfolio for sale in order to achieve the maximum return for the bank.
Our team replaced the incumbent fixed charge receiver who had done an unsatisfactory job. We were appointed Administrators and entered in a joint venture agreement with property advisors with a view to redeveloping the old MOD factory site, which faced a number of complex issues including a protected species of newts.
We managed the income from the site and obtained planning permission for 800 residential units and buyers. It was a very successful outcome, with a bank lend of £14m and a sale price of £45m, before abnormal costs have been reduced.
Appointed Administrators of the company who owned various assets such as a retail development in Bangor, a development site in Denbigh and various shops around the country, with a bank debt of £65m. Our two year strategy was to fill the shopping centre with good high street named clients and it is now 90% occupied in terms of rent. The centre is due to be put up for sale, with our team actively targeting the property assets.