WHITEHAWK PARTNERS VIII LLP

• ⚠

  Material uncertainty over going concern

  We draw attention to Note 2 in the consolidated financial statements, which describes the basis of preparing the consolidated financial statements on a going concern. At year-end, the Group is in breach of its loan covenants, and subsequent to year-end, the Group is still in breach of those covenants. While the Group has obtained a waiver letter which expires in October 2025, there is uncertainty regarding the implications of further breaches. In addition, the senior lending is due within eleven months of signing the consolidated financial statements and there is uncertainty regarding the refinancing of this lending. These matters give rise to a material uncertainty in respect of going concern.

• ◆

  1 PSC ceased in last 24 months

  Significant control changed hands — see the Ownership section.

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

IFRS

Reporting scope

Consolidated group

Auditor

Grant Thornton Limited

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“We draw attention to Note 2 in the consolidated financial statements, which describes the basis of preparing the consolidated financial statements on a going concern. At year-end, the Group is in breach of its loan covenants, and subsequent to year-end, the Group is still in breach of those covenants. While the Group has obtained a waiver letter which expires in October 2025, there is uncertainty regarding the implications of further breaches. In addition, the senior lending is due within eleven months of signing the consolidated financial statements and there is uncertainty regarding the refinancing of this lending. These matters give rise to a material uncertainty in respect of going concern.”

Group structure

1. WHITEHAWK PARTNERS VIII LLP · parent
   1. Whitehawk Broad Gate LLP 100% · United Kingdom · Investment Holding
   2. NW UK (Broad Gate) Limited 100% · Jersey · Property Holding

Significant events

• “A valuation commissioned by the senior lender in Q4 2024 revealed a loan to value (LTV) covenant breach. The LTV as at year end was 68% (2023: 62%) indicating that a covenant breach occurred during the current year and the prior year. A waiver letter stating that this breach has been waived has taken effect from 10 January 2024 up to (and including) 15 October 2024, and with the breach continuing into the current year, a new waiver letter that took effect from 23 January 2025 until (and including) 14 October 2025 was obtained, after the Group made a non-refundable fee of GBP 50,000 (2023: GBP 50,000) to the account of the lenders to bring the waivers into effect. Various improvement works are being undertaken and there are new lease renewals in effect post year-end.”

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

Filings

2

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

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

• Turnover

  -9.8%

  £7,301,273 → £6,586,592

• Cash

  —

  Not reported

• Net assets

  —

  Not reported

• Employees

  —

  Not reported

• Operating profit

  -20.3%

  £4,240,614 → £3,381,262

• Profit before tax

  -117.2%

  -£3,298,916 → -£7,165,649

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