LITTLECOMBE PARK LIMITED

Other

Funds Requested

£35,000.00

Offered so far

£0.00

Loan term

36 MONTHS

Auction Closed

2014-08-25

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About the Business

Company Name: LITTLECOMBE PARK LIMITED Company Number: 04923339
Business Type: Other Years Trading: more than 10 years
Business Location: Dursley

About the Risk

Risk rating

C

Default rate

13.00%

Bad debt rate

5.33%

About the Security

Security Offered:

Personal Guarantee - PG from [name of director(s)]

Est. Equity: 0.00

Personal Guarantee - PG from [name of director(s)]

Est. Equity: 0.00

Risk Indicators Identified:

Important Files

Who are we?

Based in the heart of the Cotswold’s, Littlecombe Park Limited is a care provider that’s been established since October 2003. Ray Hockings is 60% shareholder & Jonathan Hawkins owns the remaining 40% and overseas the running of the business.

The business has two arms: The Woodlands is an assisted living environment, which caters to people of retirement age, who wish to maintain an independent life.

The Hollies is a registered residential care home with 52 en-suite rooms. It’s most recent Care Quality Commission report is dated 3rd January 2014. The site was built to a high standard; providing 21st century nursing and care facilities required whilst being set in the beautiful elegant setting of Littlecombe Park. Employing 98 staff it boasts high staff to patient ratios.

The loan is being applied for Hollies Care Home, to continue with the previous project of upgrading various elements of the residential care home, ensuring it continues to meet CQC standards.

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Loan Offers

What is the loan for?

Savills valued the business in March 2014 at £7.25m with 2 development sites which in due course could increase value. The business increased its turnover by 13% from 2012 to record £2.2million in 2013. YTD managements confirm £2.1m turnover to 04/14. Net profit increased by 62% and Net Assets are now reported at 861k, a 32% increase from 2012, which demonstrates serviceability of the requested loan, whilst the owners have good personal asset base to cover guarantees.

Littlecombe Park Limited did hit financial difficulty in 2008 whilst developing 7 Apartments on site. Its construction budget was exceeded due to flood mitigation work and Dry Rot. The property market at that time led to the slow sale of 7 apartments. This combined with a fall in funded care places in the same year, due to local authority cut backs, led the company into CVA.

Littlecombe Park Ltd are one of only a few businesses to come out of a CVA, The business is now profitable again with 95% occupancy and a substantial reduction to bank borrowing is now realized

Why consider investing?

Littlecombe Park limited will use the loan of £35,000 to upgrade the care home and ensure CQC standards are maintained. This includes the purchase of specialist beds, upgrade of fridges, furniture, carpets and increases in the security lighting. The refurbishment of communal areas, adjustment to room facilities and increase in lighting will all serve to maintain the high standards its clients have come to expect, but will also attract new clients with specialist care needs that can be provided through the purchase of these specialist beds.

The UK Residential care market has a revenue of £6bn. Britain's growing ageing population suggests demand for the industry's services will rise further.

ReBSoc Figures Disclosure - In 2012 the business entered into a CVA (Company Voluntary Arrangement). As there is not a standard section for this on our Financials tab I have chosen to account for the CVA write-offs by reducing the Operating Costs, these are now negative in the year 2012 due to this.

Security

The loan is to be secured on a Personal Guarantee given by the director. The director has an estimate, net worth of £820k. THis is primarily based on equity in 2 properties with a estimate combined value of £1.5m with estimate combined equity of £648k

DateAmountCapitalInterestReceived
25/09/2014£1,257.80£745.34£512.46
25/10/2014£1,257.80£756.25£501.55
25/11/2014£1,257.80£767.32£490.48
25/12/2014£1,257.80£778.56£479.24
25/01/2015£1,257.80£789.96£467.84
25/02/2015£1,257.80£801.52£456.28
25/03/2015£1,257.80£813.26£444.54
25/04/2015£1,257.80£825.17£432.63
25/05/2015£1,257.80£837.25£420.55
25/06/2015£1,257.80£849.51£408.29
25/07/2015£1,257.80£861.95£395.85
25/08/2015£1,257.80£874.57£383.23
25/09/2015£1,257.80£887.37£370.43
25/10/2015£1,257.80£900.36£357.44
25/11/2015£1,257.80£913.55£344.25
25/12/2015£1,257.80£926.92£330.88
25/01/2016£940.50£940.50£0.00
25/02/2016£954.27£954.27£0.00
25/03/2016£968.24£968.24£0.00
25/04/2016£982.41£982.41£0.00
25/05/2016£996.80£996.80£0.00
25/06/2016£1,011.39£1,011.39£0.00
25/07/2016£1,026.20£1,026.20£0.00
25/08/2016£1,041.23£1,041.23£0.00
25/09/2016£1,056.47£1,056.47£0.00
25/10/2016£1,071.94£1,071.94£0.00
25/11/2016£1,087.64£1,087.64£0.00
25/12/2016£1,103.56£1,103.56£0.00
25/01/2017£1,119.72£1,119.72£0.00
25/02/2017£1,136.11£1,136.11£0.00
25/03/2017£1,152.75£1,152.75£0.00
25/04/2017£1,169.63£1,169.63£0.00
25/05/2017£1,186.75£1,186.75£0.00
25/06/2017£1,204.13£1,204.13£0.00
25/07/2017£1,221.76£1,221.76£0.00
25/08/2017£1,239.65£1,239.65£0.00
Total:£34,999.99£6,795.94