Property business enters administration after collapse of tenant
Begbies Traynor administrators called to listed property company All Points North after its bank withdrew support and its tenant became insolvent
BEGBIES TRAYNOR administrators have been called to listed property business All Points North.
Paul Stanley (pictured) and Kenneth Pattullo have been appointed joint-administrators to All Points North. The company has a range of properties including commercial and residential in its portfolio.
The company ran into trouble when two of its tenants became insolvent last year, as Kendal Carpet Warehouse and College House Furness PC left All Points North with outstanding rental payments.
It announced turnover reduced to £151,450 compared to £163,429 for the same period a year before in its December unaudited interim results for the six months ended 30 September.
Three months later in March, the company suspended shares pending clarification of its financial position. All Points North said it was in discussions with its lender Clydesdale Bank, which wanted full repayment of its £5.1m loan to be made by 30 April.
All Points North hoped to dispose of several properties to repay that debt.
However, in May the bank agreed to extend the repayment period to 30 September.
Unfortunately, the company announced in August its bankers had “withdrawn their support”, and the business was unable to continue trading as a going concern.