Company voluntary arrangement · 12 June 2019

Redcastle

Developer · London · Greater London

What happened

REDCASTLE LIMITED (company number 03194733), incorporated in 1996, entered company voluntary arrangement on 12 June 2019. Its status at Companies House is now: liquidation.

Why it failed

Property subsidiary of the Arcadia retail group, which failed after high-street decline and Covid lockdowns caused a forecast cash shortfall and no agreement on pension deficit payment deferral.

Main reason: Covid-19
Market downturn
Cash flow
Group company failed

Our summary of the reasons given in the administrators' proposals. These record the administrators' and directors' account of what happened.

The company agrees a deal with its creditors to repay some or all of its debts over time while it keeps trading.

Previously known as: BURTON GROUP PROPERTIES LIMITED , PUMAHAVEN LIMITED.

Timeline

The last accounts and payment report before the failure, then what happened, with the time between each.

1 September 2018
Last accounts filed were made up to this date
6 months later
2 March 2019
Last payment practices report ends: average 9 days to pay, 4% of invoices not paid to agreed terms
3 months later
12 June 2019
Company voluntary arrangement started
17 months later
30 November 2020
Company voluntary arrangement ended
30 November 2020
Administration started
17 months later
9 April 2022
Administration ended
9 April 2022
Creditors' voluntary liquidation started (shareholders resolved to wind up)

AccountsPayment reportInsolvency

Before it failed

Key figures

Turnover in its last accounts, year to Sept 2018: £73.3m; Accounts at Companies House
Loss before tax, year to Sept 2018: £946k; Accounts at Companies House
Net assets, year to Sept 2018: £335.0m; Accounts at Companies House
Average days to pay suppliers, 2 September 2018 to 2 March 2019: 9 days; 1% paid after 60 days, 4% not paid to agreed terms; Its last payment practices report
Owed to unsecured creditors (estimated), Administrators' proposals: £14.6m; Expected return to unsecured creditors: under 1p in the pound; Administrators' proposals

The last accounts filed were full accounts made up to 1 September 2018, 9 months before it failed.

The full filing history, including any late filings, charges and director changes, is on Companies House.

Lessons learned report

We're writing plain-English reports on major construction failures: who was involved, why it happened, the warning signs and how long they were visible, and what to look out for next time.

In the news

We haven't matched any press coverage to this company yet. Search the news for Redcastle.