COVESEA LIMITED

⚰️Wound downdissolved

SC178693 · ltd · incorporated 1997-09-10

Investment thesis

Company dissolved — not a live target.

Why interesting: Historical record only; useful for precedent research.

Why risky: Not transactable.

🔒Estimated value

—

Upgrade to see

Turnover

—

not disclosed

Net worth

—

book net assets

Opportunity

58/100

Worth a look

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What this business does

Primary activity: Development of building projects

Sector: Construction

Investor take

Pass (distressed without resilience)

Distressed unclear — structural issues outweigh the discount.

Opportunity 58/100 (worth a look), bankability 72/100. Strong seller-intent signal (68/100, director aged 81). Biggest value-creation lever: Consolidate lender relationships. 4 distinct lenders creates friction — refinance into single-lender structure for cleaner diligence. Most likely exit: share sale to pe / searcher (65/100).

🏦

Refinance opportunity

15 live charges · 4 lenders · oldest 27.9y

25/100

too messy

Structure is too messy for a clean refinance right now — clean up first or expect bespoke terms.

· Oldest live charge is 27.9 years old — likely at or near maturity.
· 4 lenders named — inter-creditor friction likely.
· Legal-friction score 45/100 (high).

Data confidence

Overall: medium (61/100)

Adequate coverage. AI outputs are reliable for the sections scored high; verify the rest in diligence.

Company profile

address, 1 SIC codes, incorporation date

100

Financials

No iXBRL financials extracted

Lenders & charges

15 charges (15/15 with lender, 15/15 with type)

Directors & officers

28 officers (5 active, 28 linked, 19 with DOB)

Ownership & PSC

3 active PSC(s) of 4 total, 4 with control declared

Director network

34 connected companies via shared directors

Filing history

172 filings on record

Gazette notices

No matching gazette notices (standard for active companies)

Opportunity Score

58/100Worth a look

PassWatchWorth a lookStrongExceptional

Mixed signal. Worth opening the full target workup before deciding to pursue.

Business quality

Concerning — overdue filings or status flags present.

Acquirability

Strong succession / seller-readiness signals.

Risk profile

Multiple red flags — proceed with caution.

Signal strength

100

Good data coverage for analysis.

Recent activity

Last 30 days

filings

Last 90 days

filings

Last 180 days

filings

Counts from Companies House filing history.

Corporate timeline (106 events)Click to expand

2022-04-19
📄
gazette-dissolved-voluntary
gazette · GAZ2(A)
2022-04-19
🏁
Company dissolved
2022-02-01
📄
gazette-notice-voluntary
gazette · GAZ1(A)
2022-01-21
📄
dissolution-application-strike-off-company
dissolution · DS01
2021-12-08
📄
appoint-person-director-company-with-name-date
officers · AP01
2021-12-08
📄
termination-director-company-with-name-termination-date
officers · TM01
2021-12-02
➕
SHELDRAKE, Peter John appointed
director
2021-12-02
➖
GILMOUR, David Fulton resigned
director
2021-12-02
📄
capital-statement-capital-company-with-date-currency-figure
capital · SH19
2021-12-02
📄
capital-alter-shares-subdivision
capital · SH02
2021-11-29
📄
legacy
capital · SH20
2021-11-29
⚠️
legacy
insolvency · CAP-SS
2021-11-29
📄
resolution
resolution · RESOLUTIONS
2021-06-01
📄
accounts-with-accounts-type-total-exemption-full
accounts · AA
2020-05-21
📄
accounts-with-accounts-type-full
accounts · AA
2020-01-02
📄
termination-director-company-with-name-termination-date
officers · TM01
2019-12-20
➖
CLARK, Ian resigned
director
2019-12-03
📄
mortgage-satisfy-charge-full
mortgage · MR04
2019-12-03
🔓
Charge satisfied #14
2019-11-08
📄
mortgage-satisfy-charge-full
mortgage · MR04
2019-11-08
📄
mortgage-satisfy-charge-full
mortgage · MR04
2019-11-08
📄
mortgage-satisfy-charge-full
mortgage · MR04
2019-11-08
📄
mortgage-satisfy-charge-full
mortgage · MR04
2019-11-08
📄
mortgage-satisfy-charge-full
mortgage · MR04
2019-11-08
📄
mortgage-satisfy-charge-full
mortgage · MR04
2019-11-08
📄
mortgage-satisfy-charge-full
mortgage · MR04
2019-11-08
📄
mortgage-satisfy-charge-full
mortgage · MR04
2019-11-08
📄
mortgage-satisfy-charge-full
mortgage · MR04
2019-11-08
🔓
Charge satisfied #20
2019-11-08
🔓
Charge satisfied #19
2019-11-08
🔓
Charge satisfied #18
2019-11-08
🔓
Charge satisfied #17
2019-11-08
🔓
Charge satisfied #16
2019-11-08
🔓
Charge satisfied #15
2019-11-08
🔓
Charge satisfied #13
2019-11-08
🔓
Charge satisfied #12
2019-11-08
🔓
Charge satisfied #11
2019-11-08
🔓
Charge satisfied #10
2019-11-08
🔓
Charge satisfied #9
2019-09-11
🔓
Charge satisfied #4
2019-09-02
🔓
Charge satisfied #21
2019-08-29
🔓
Charge satisfied #1
2017-02-07
🔒
Charge registered #21
Lender: Btmu (Europe) Limited
2017-01-18
➕
ROBERTSON, Hilda Mary appointed
director
2016-04-21
➕
CAVILL, John Ivor appointed
director
2016-04-21
➖
BIIF CORPORATE SERVICES LIMITED resigned
corporate-director
2012-02-06
🔒
Charge registered #20
Lender: Btmu (Europe) Limited
2012-02-06
🔒
Charge registered #19
Lender: Btmu (Europe) Limited
2012-02-06
🔒
Charge registered #18
Lender: Btmu (Europe) Limited
2012-02-06
🔒
Charge registered #17
Lender: Btmu (Europe) Limited

Showing most recent 50 of 106 events

Owner dependency

73/100

High — earn-out structure required

Material founder dependency. Consider a 2-3 year earn-out and build in a handover plan before completion.

FACTORS

-4 active directors: Broader management team in place — suggests transferable governance.
+Long-tenure founder: Senior director has been in place 28 years — deep operational knowledge concentrated in one person.
+Founder age: Director aged approximately 81 — succession pressure is live.
+Family involvement: Multiple officers share a surname — likely family business, which concentrates governance.

Succession & seller-readiness

90/100

Likely off-market candidate

Strong acquirability signals converging. Worth approaching directly — this is how off-market deals start.

SIGNALS

primaryFounder aged 70+: Senior director is approximately 81 years old. Natural succession window is now.
primary20+ year tenure: Director in role 28 years. Very long tenure is a classic succession signal.
secondaryStable-but-static management: Company is 29 years old and no new directors in the last 3 years — succession not yet being planned internally.
supportingClean filings + long tenure: Disciplined long-tenure operator — classic lifestyle-business pattern that often sells quietly.

Red flags

2 high · 1 med ·

Company dissolved

high

Company has been dissolved — it no longer legally exists. Any diligence here is historical only.

Evidence: Dissolved on 2022-04-19

1 insolvency-related filing on record

high

Filings relating to insolvency, liquidation, or administration exist in the company's history. Review before proceeding.

Evidence: 2021-11-29: legacy

Charge satisfaction-then-recreation pattern

medium

Multiple instances where a charge was satisfied and a new charge created within 6 months. Suggests active refinancing cycle.

Group structure

Covesea Holdings Limited holds majority control (50-75%). Likely parent but not wholly-owned.

🏛️

Covesea Holdings Limited

Corporate parent

⬇

COVESEA LIMITED

This company · SC178693

Parent relationships inferred from Persons with Significant Control filings. Full subsidiary tree requires reverse-lookup (coming).

Shareholders & ownership

3 active beneficial owners

Name	Shares	Voting rights	Nature of control	Notified
Covesea Holdings Limited Corporate entity	—	50–75%	50-75% voting	06/04/2016
Mrs Hilda Mary Robertson Individual · British · DOB 12/1948 · age 78	—	25–50%	25-50% voting	06/04/2016
Mr William George Robertson Individual · British · DOB 04/1945 · age 81	—	25–50%	25-50% voting	06/04/2016

1 historic (ceased) PSC

Btmu (Europe) Limitedceased 23/08/2019· 75-100% shares

From Companies House Persons with Significant Control filings. Share ranges are banded per the public PSC regime.

🔒Co-director network graph

Radial SVG graph showing every company connected via shared directors, colour-coded by status.

Available from the Pro tier upwards.

See pricing →

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Peers ranked by estimated value, then turnover, then opportunity score.See all →

🔒Tailored diligence questions

9 specific questions generated from this company's actual signals — liquidity, leverage, director age, charge count, red flags, age-of-company.

Available from the Pro tier upwards.

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Exit-route ranking, improvement thesis, quiet-distress detector, covenant-pressure proxy, extraction monitor, approaching triggers, ownership drift, local cluster, value trap, debt capacity, archetype classification — 48+ scoring modules.

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Company details

Statusdissolved

Typeltd

Incorporated1997-09-10

Jurisdictionscotland

Primary SIC41100 — Development of building projects

Registered office

2nd Floor 11 Thistle Street

Edinburgh

EH2 1DF

Filing status

Accounts

Next due: —

Last made up to: 2020-08-31

Confirmation statement

Next due: —

Last: —