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Four Think Apartments to close after sister companies go into administration

19 August 2014 by
Four Think Apartments to close after sister companies go into administration

The company is currently in the process of winding down its operations in the four properties - Think Earls Court, Think Tower Bridge, Think Bermondsey Street, Think London Bridge - with a view to handing them over to the administrators, Duff & Phelps, by 1 September.

The four serviced apartments are located in properties that were owned by Aparthotels (Bermondsey) Ltd, Aparthotels (Tower Bridge) Ltd, Warwick Road Developments Ltd and Tower Bridge Road Developments Ltd. All four companies are wholly-owned subsidiaries of London City Group and Holdings (LCGH), which is also the parent company of Think Apartments.

The administration in October 2013 stems from the decision by Ireland's National Asset Management Agency (NAMA) calling in loans made to the four companies over a decade ago to develop the properties as aparthotels.

Jim Souter, managing director of Think Apartments, which continues to operate 174 apartments across two units in Vauxhall and Maltings Place, said that the company was the "victim" of circumstances. The Vauxhall property is leased, while Think owns the freehold of the Tower Bridge property.

He explained that Think has been an active participant in the burgeoning serviced apartment sector in recent years, with its turnover of £10.9m in 2010, rising to £26.9m this year.

"We are an attractive proposition for both investors and guests and we shall now be undertaking discussions with a number of interested parties who are keen to acquire properties which can be developed as serviced apartments," he said.

"Our immediate priority, however, is to conduct a proper handover of the buildings to the administrators and ensure that guests and suppliers are giving full refunds and provided with alternative accommodation where appropriate."

Established in 1991, Think Apartments became the first serviced apartment business to join the British Hospitality Association earlier this year and is a member of the Association of Serviced Apartment Providers (ASAP).

BHA welcomes serviced apartments and aparthotels as members >>

Serviced apartments demand growing faster than supply >>

Serviced apartment sector to grow 10% in 2014 >>

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