Sheen Lane Saved from Administration
London residential developer Sheen Lane Developments has been rescued through a pre-pack administration after a period of financial difficulty that began the previous year.
The company appointed administrators from Quantuma on 1 April. Its most recent accounts showed a pre-tax loss of £27 million on turnover of £50.5 million and net liabilities of £8.5 million, a marked deterioration from a £5.8 million loss on revenue of £72.2 million the year before. Directors blamed exceptional circumstances, including high interest rates and market uncertainty, and had expected a return to profit.
The business has been bought out of administration by Radio City Developments Ltd, whose majority shareholder, Martin Tynan, also owns Sheen Lane. All 22 employees are transferring to the new company, although the value of the deal has not been disclosed. The firm's auditors, Butters Gates & Company, had flagged a material uncertainty over its ability to continue as a going concern.
Sheen Lane had previously secured a £36.8 million development loan from Octopus Real Estate to convert a vacant office building in Addlestone, Surrey, into 174 homes, with features including solar panels and EV chargers.
Source: UK Property Forums, original article (15 April 2025)
