Cobham M-way services developer goes bust

Mar 11 2010 By Vicki Eltis

PLANS to build a motorway service station off the M25 at Cobham could be on hold after a developer went into administration.

The plans for a petrol station, shop and hotel submitted by Swayfields and Swayfields MSA Holdings Limited at the site off Junction 10 in 2005, saw tough opposition from many residents and Elmbridge Borough Council.

But the company was able to secure planning permission on appeal, when the, then secretary of state, John Prescott, ruled against opposition.

The company went into administration on March 5 but administrators PricewaterhouseCoopers LLP says it will not affect the building works.

Ian Green, Rob Hunt and Ed Macnamara of PricewaterhouseCoopers LLP were appointed joint administrators.

Mr Green, joint administrator and partner, said: "The group has successfully expanded its operations significantly over recent years but at a group level has struggled to service its increasing debt commitments. Consequently, with limited options available to it, the group has sought the protection of administration to enable a restructuring and re-financing of its profitable operations to be pursued.

"Our immediate priority now is to review all options and immediately seek a buyer for the shares of the operating companies. We are confident of a sale being completed with minimal, if any, impact on the operating sites.

"We will look to work with the Group’s existing management team, suppliers, employees and customers to try and find a solution is found to take the business forward."

The Group, headquartered in Lincoln with an annual turnover of approximately £13m, operates 11 roadside service areas across England. The individual sites are not subject to any insolvency process and are continuing to trade as normal.

The work started at the 60 acre site in 2008.