BWP PROPCO LIMITED

• ⚠

  Material uncertainty over going concern

  It is the intention of the Directors, together with the Asset Manager, that the senior debt will be refinanced with a third-party lender – however it is acknowledged that the ongoing senior debt default and there being a lack of refinancing options available to the Company represent a material uncertainty in the ability of the Company to continue as a going concern.

• ◆

  3 officer resignations in last 12 months

  Multiple officers have left the board recently — see the People section for who.

1. BWP PROPCO LIMITED 2025-01-17 → present
2. M7 BWP PROPCO LIMITED 2020-07-01 → 2025-01-17

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Auditor

HaysMac LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“It is the intention of the Directors, together with the Asset Manager, that the senior debt will be refinanced with a third-party lender – however it is acknowledged that the ongoing senior debt default and there being a lack of refinancing options available to the Company represent a material uncertainty in the ability of the Company to continue as a going concern.”

Significant events

• “During the year, the Company continued with its cladding remediation project to bring the cladding infrastructure of the asset up to industry standard. This project completed in December 2024, for total consideration of £14.2m. Of the total amount spent, £8.2m was funded through the Building Safety Fund ('BSF') with the remaining £6.0m funded through existing reserves within the structure.”
• “Subsequent to year end, the Company repaid £10.0m of senior debt following loan maturity which brought the total balance outstanding to £28.6m. The Company has been unable to refinance the loan and further information can be found in the going concern note.”
• “At 30 September 2024, the Company had existing senior debt of £38.6 million which had a margin of 3.25% pa plus SONIA with a maturity date in November 2024. Subsequent to year end, the loan was extended six times through to May 2025, after which the senior lenders reserved their rights and as such, defaulted the loan - due to not having repaid the debt on maturity, and breaching the LTV covenant.”
• “Refinancing discussions with the lenders have stalled and as such, the lenders have requested that the asset is put on the market for sale.”
• “On 20 August 2025, the senior lenders agreed to a pay down of £10.0 million of senior debt, reducing the outstanding balance of the senior loan to £28.6 million. The pay down was paid entirely out of cash reserves held within the Company.”
• “On 18 November 2024, the Company's auditor changed their name from Haysmacintyre LLP to HaysMac LLP.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

8

last 12 months

Capital events

0

last 24 months

Officers appointed

2

last 12 months

Officers resigned

3

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +1.1%

  £7,626,074 → £7,706,879

• Cash

  -20.9%

  £20,975,294 → £16,582,911

• Net assets

  -178.1%

  -£10,990,408 → -£30,563,423

• Employees

  —

  Not reported

• Operating profit

  -0.2%

  £4,004,672 → £3,997,150

• Profit before tax

  -39.3%

  -£14,052,092 → -£19,573,015

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers