PARK TOWER INVESTMENTS LIMITED

Company number

02773984

Status

Active

Incorporation

1992-12-16

Last accounts made up

2024-12-29

Account category

GROUP

Primary SIC

64999

Hubs

UK Fintech

Accounting basis

FRS 102

Reporting scope

Consolidated (group)

Auditor

RSM UK Audit LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“As noted in the prior year, the Group has borrowing facilities totalling £387.6m, from the lender, Cale Street. As at the reporting date, a total of £220m was drawn down. The facility includes a number of non-financial covenants, a number of which were in breach prior to the reporting period, and continued to be during and subsequent to the year end. Whilst Cale Street have been supportive since the non-compliance of these covenants, they have requested that the Directors seek alternative funders and a repayment request has been issued. The Directors are in advance negotiations with alternative lenders to refinance the current facility, as well as additional facilities to support the redevelop and upgrade of the hotel and indicative heads of terms have been signed by the Directors, with continued negotiations with current and alternative lenders to ensure completion. Whilst the Directors anticipate the completion of the refinance, the Directors acknowledge a material uncertainty exists, which may cast doubt on the Group's ability to continue as a going concern, since the ability of the group to continue as a going concern is dependent on the successful refinancing and future compliance with any new terms.”

Subsidiaries

• Drift Properties Limited · 100% held · England and Wales · Property investments
• The Park Tower Hotel Limited · 100% held · England and Wales · Hotel operator

Significant events

• “During the year the Group was in breaches to some of its conditions and non-financial covenants. This has resulted in a default of the loan facility. Subsequent to the yearend, the lender has requested repayment of the loan.”
• “The hotel has achieved planning to increase its size, predominantly on the ground floor with some expansion to the height for further hotel suites. A further application has been submitted to include a double-storey surrounding podium with a large outside green space and additional floors, to create some of the most spectacular residential apartments at the top of the building, offering uninterrupted breathtaking views of the capital.”

Auditor / going-concern / subsidiary information is extracted from the PDF version of the latest annual accounts and is not tagged in iXBRL. About these numbers