Overview:
Exigen Group is looking to sell a freehold property in Ipswich owned by Perizon Limited, which was placed into Administration. The property had been used as a nightclub.
Financial Challenges:
Perizon Limited operated two associated businesses: Bowmans Bar and Bowmans Club. Both businesses entered liquidation due to downturns in trade, leaving the company unable to meet monthly payments to its secured lender. Simon and Daniel Plant of Exigen Group were appointed administrators on 7 November 2017.
Administrator Comments:
Simon Plant said:
“The Joint Administrators have secured and insured the premises and have liaised with various agents in order to obtain valuations for the freehold. A number of different marketing strategies were reviewed in order to agree the best disposal strategy in relation to the premises and we have instructed agents to market the freehold for sale and are looking to complete a sale in the short term.”
Outcome:
Exigen Group’s management demonstrates the importance of securing assets, valuing property correctly, and applying structured marketing strategies to achieve the best outcome for stakeholders.