THORNSETT DEVELOPMENTS LIMITED
💤Zombieactive
04423465 · ltd · incorporated 2002-04-24
Investment thesis
Zombie company — trading but stalled; unlikely mover.
Why interesting: Quiet, steady; could be a succession or carve-out candidate with the right conversation.
Why risky: No growth signal; thin margin for error on price.
🔒Estimated value
—
Upgrade to see
Turnover
—
not disclosed
Net worth
—
book net assets
Opportunity
79/100
Strong
What this business does
Primary activity: Development of building projects
Sector: Construction
Investor take
PursueActive trading company with a 67-year-old founder — textbook succession opportunity.
Opportunity 79/100 (strong), bankability 67/100. Strong seller-intent signal (93/100, director aged 67). Share purchase looks the cleaner deal structure. 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 (73/100).
🏦
Refinance opportunity
12 live charges · 4 lenders · oldest 23.0y
15/100
under pressure
Refinance would be pressure-driven, not opportunity-driven. Expect tighter margins and covenant scrutiny.
- · Oldest live charge is 23.0 years old — likely at or near maturity.
- · 4 lenders named — inter-creditor friction likely.
- · Distress signals active — lender appetite narrows.
Data confidence
Overall: medium (59/100)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
0
Lenders & charges
12 charges (12/12 with lender, 12/12 with type)
90
Directors & officers
7 officers (2 active, 7 linked, 4 with DOB)
81
Ownership & PSC
1 active PSC(s) of 1 total, 1 with control declared
90
Director network
10 connected companies via shared directors
75
Filing history
98 filings on record
85
Gazette notices
No matching gazette notices (standard for active companies)
60
Opportunity Score
79/100Strong
PassWatchWorth a lookStrongExceptional
Solid opportunity signal. Worth a dedicated memo and management meeting.
Business quality
70
Active, clean filings, stable charge profile.
Acquirability
80
Strong succession / seller-readiness signals.
Risk profile
77
Few red flags.
Signal strength
100
Good data coverage for analysis.
Recent activity
Last 30 days
0
filings
Last 90 days
0
filings
Last 180 days
2
filings
- • 1 confirmation-statement
- • 1 accounts
Counts from Companies House filing history.
Corporate timeline (51 events)Click to expand
- 2026-01-04📄accounts-with-accounts-type-smallaccounts · AA
- 2025-01-31➖CUNNINGHAM, Sinead Louise resigneddirector
- 2025-01-31📍change-registered-office-address-company-with-date-old-address-new-addressaddress · AD01
- 2025-01-31📄termination-director-company-with-name-termination-dateofficers · TM01
- 2025-01-24📄change-account-reference-date-company-previous-extendedaccounts · AA01
- 2024-08-21📄accounts-with-accounts-type-smallaccounts · AA
- 2023-02-15📄change-person-director-company-with-change-dateofficers · CH01
- 2023-02-15📄change-person-secretary-company-with-change-dateofficers · CH03
- 2023-02-02📄accounts-with-accounts-type-smallaccounts · AA
- 2022-08-01📄accounts-with-accounts-type-smallaccounts · AA
- 2022-02-17➖CUNNINGHAM, Bernadette Marie resigneddirector
- 2022-02-17➕CUNNINGHAM, Sinead Louise appointeddirector
- 2022-02-17📄appoint-person-director-company-with-name-dateofficers · AP01
- 2022-02-17📄termination-director-company-with-name-termination-dateofficers · TM01
- 2021-02-15📄accounts-with-accounts-type-smallaccounts · AA
- 2020-02-04📄accounts-with-accounts-type-smallaccounts · AA
- 2019-02-06📄accounts-with-accounts-type-total-exemption-fullaccounts · AA
- 2018-02-07📄accounts-with-accounts-type-smallaccounts · AA
- 2014-12-17🔒Charge registered #12Lender: Close Brothers Limited
- 2014-09-19🔓Charge satisfied #11
- 2014-09-19🔓Charge satisfied #10
- 2014-09-19🔓Charge satisfied #9
- 2014-09-19🔓Charge satisfied #8
- 2014-09-19🔓Charge satisfied #7
- 2014-09-19🔓Charge satisfied #6
- 2013-07-10➖CUNNINGHAM, Denis resigneddirector
- 2011-04-20🔒Charge registered #11Lender: Hsbc Bank PLC
- 2011-04-20🔒Charge registered #10Lender: Hsbc Bank PLC
- 2011-04-20🔒Charge registered #9Lender: Finborough Developments LLP
- 2011-04-20🔒Charge registered #8Lender: Finborough Developments LLP
- 2011-01-24🔓Charge satisfied #5
- 2011-01-24🔓Charge satisfied #4
- 2011-01-24🔓Charge satisfied #3
- 2011-01-24🔓Charge satisfied #1
- 2010-08-11🔒Charge registered #7Lender: Hsbc Bank PLC
- 2008-03-05🔓Charge satisfied #2
- 2008-02-29🔒Charge registered #6Lender: Hsbc Bank PLC
- 2007-11-23🔒Charge registered #5Lender: Dunbar Bank PLC
- 2007-08-03➕CUNNINGHAM, Bernadette Marie appointeddirector
- 2005-07-26🔒Charge registered #4Lender: Dunbar Bank PLC
- 2003-05-30🔒Charge registered #3Lender: Dunbar Bank PLC
- 2003-05-30🔒Charge registered #2Lender: Dunbar Bank PLC
- 2003-05-30🔒Charge registered #1Lender: Dunbar Bank PLC
- 2002-11-11➕CUNNINGHAM, Gerard appointeddirector
- 2002-04-24🏢Company incorporatedAs THORNSETT DEVELOPMENTS LIMITED
- 2002-04-24➕CUNNINGHAM, Gerard, Mr. appointedsecretary
- 2002-04-24➕SDG SECRETARIES LIMITED appointedcorporate-nominee-secretary
- 2002-04-24➖SDG SECRETARIES LIMITED resignedcorporate-nominee-secretary
- 2002-04-24➕CUNNINGHAM, Denis appointeddirector
- 2002-04-24➕SDG REGISTRARS LIMITED appointedcorporate-nominee-director
Showing most recent 50 of 51 events
Owner dependency
100/100
Critical — business is the founderThe business appears inseparable from the founder. Acquisition without a serious earn-out or meaningful transition period would likely destroy value.
FACTORS
- +Sole director: Only one active director — all governance concentrated on one person.
- +Long-tenure founder: Senior director has been in place 24 years — deep operational knowledge concentrated in one person.
- +Founder age: Director aged approximately 67 — succession pressure is live.
Succession & seller-readiness
95/100
Likely off-market candidateStrong acquirability signals converging. Worth approaching directly — this is how off-market deals start.
SIGNALS
- primaryFounder aged 63+: Senior director is approximately 67. Approaching typical UK retirement age — succession thinking likely.
- primarySole active director: Only one director in control. No visible successor — buyers solve the succession problem.
- primary20+ year tenure: Director in role 24 years. Very long tenure is a classic succession signal.
- secondaryStable-but-static management: Company is 24 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
1 med ·Charge satisfaction-then-recreation pattern
mediumMultiple instances where a charge was satisfied and a new charge created within 6 months. Suggests active refinancing cycle.
Shareholders & ownership
1 active beneficial owner · dominant holder ≥75%| Name | Shares | Voting rights | Nature of control | Notified |
|---|---|---|---|---|
Mr Gerard Cunningham Individual · Irish · DOB 01/1959 · age 67 | 75–100% | 75–100% | board controlsig. influence75-100% shares · 75-100% voting · board control · significant influence · firm interest | 06/04/2016 |
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 →Similar companies
Active · Construction · E postcode area| Company | Est. value | Turnover | Net worth | Staff | Age | Opp | Director |
|---|---|---|---|---|---|---|---|
| 225 CITY ROAD LIMITED→ 12490280 · est 2020 · no financials extracted | — | — | — | — | 6y | — | — |
| 24/7 MAINTENANCE LONDON LTD→ 13537623 · est 2021 · no financials extracted | — | — | — | — | 4y | — | — |
| 268-272 HIGH ROAD LTD→ 15284929 · est 2023 · no financials extracted | — | — | — | — | 2y | — | — |
| 2E CONSTRUCTION LTD→ 11049468 · est 2017 · no financials extracted | — | — | — | — | 8y | — | — |
| 2MAC LIMITED→ 11498897 · est 2018 · no financials extracted | — | — | — | — | 7y | — | — |
| 2N3 DESIGN LTD→ 11620286 · est 2018 · no financials extracted | — | — | — | — | 7y | — | — |
| 3 BUILD CONSTRUCTION LTD→ 13413272 · est 2021 · no financials extracted | — | — | — | — | 4y | — | — |
| 33 CONSTRUCTION SERVICES LTD→ 12690019 · est 2020 · no financials extracted | — | — | — | — | 5y | — | — |
| 360 ENGINEERS LTD→ 16472215 · est 2025 · no financials extracted | — | — | — | — | — | — | — |
| 365 ENGINEERS LTD→ 12786738 · est 2020 · no financials extracted | — | — | — | — | 5y | — | — |
| 373 CALEDONIAN LIMITED→ 08547608 · est 2013 · no financials extracted | — | — | — | — | 12y | — | — |
| 3D BUILDING SURVEY LTD→ 11646749 · est 2018 · no financials extracted | — | — | — | — | 7y | — | — |
Peers ranked by estimated value, then turnover, then opportunity score.See all →
🔒Tailored diligence questions
8 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.
See pricing →🔒Advanced scoring suite
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.
Available from the Pro tier upwards.
See pricing →Company details
Statusactive
Typeltd
Incorporated2002-04-24
Jurisdictionengland-wales
Primary SIC41100 — Development of building projects
Registered office
305 Cambridge Heath Road
London
E2 9LH
England
Filing status
Accounts
Next due: 2026-09-30
Last made up to: 2024-12-31
Confirmation statement
Next due: 2027-02-14
Last: 2026-01-31
Officers (2 active · 5 resigned)
CUNNINGHAM, Gerard, Mr.→
Activesecretary · appointed 2002-04-24
View their other companies + combined net worth →
CUNNINGHAM, Gerard→
Activedirector · ~67y · appointed 2002-11-11
View their other companies + combined net worth →
SDG SECRETARIES LIMITED→
Resignedcorporate-nominee-secretary · appointed 2002-04-24 · resigned 2002-04-24
CUNNINGHAM, Bernadette Marie→
Resigneddirector · ~56y · appointed 2007-08-03 · resigned 2022-02-17
CUNNINGHAM, Denis→
Resigneddirector · ~76y · appointed 2002-04-24 · resigned 2013-07-10
CUNNINGHAM, Sinead Louise→
Resigneddirector · ~47y · appointed 2022-02-17 · resigned 2025-01-31
SDG REGISTRARS LIMITED→
Resignedcorporate-nominee-director · appointed 2002-04-24 · resigned 2002-04-24
Click a director name to see their full track record across all companies.
Mortgages & charges
12
Total charges
1
Outstanding
1
Active lenders
Status:Lender:12 of 12 shown
| Type | Properties | |||||
|---|---|---|---|---|---|---|
| outstanding | Close Brothers Close Brothers Limited | A registered charge | 2 properties | 17/12/2014 | — | |
| satisfied | HSBC Hsbc Bank PLC | Legal charge | 1 property | 20/04/2011 | 19/09/2014 | |
| satisfied | HSBC Hsbc Bank PLC | Security over benefit of construction document | 1 property | 20/04/2011 | 19/09/2014 | |
| satisfied | Finborough Developments Finborough Developments LLP | First legal charge | 1 property | 20/04/2011 | 19/09/2014 | |
| satisfied | Finborough Developments Finborough Developments LLP | First legal charge | 1 property | 20/04/2011 | 19/09/2014 | |
| satisfied | HSBC Hsbc Bank PLC | Legal mortgage | 1 property | 11/08/2010 | 19/09/2014 | |
| satisfied | HSBC Hsbc Bank PLC | Debenture | 1 property | 29/02/2008 | 19/09/2014 | |
| satisfied | Dunbar Bank Dunbar Bank PLC | Legal charge | 1 property | 23/11/2007 | 24/01/2011 | |
| satisfied | Dunbar Bank Dunbar Bank PLC | Deed of charge | 1 property | 26/07/2005 | 24/01/2011 | |
| satisfied | Dunbar Bank Dunbar Bank PLC | Letter of set off | 1 property | 30/05/2003 | 24/01/2011 | |
| satisfied | Dunbar Bank Dunbar Bank PLC | Debenture | 1 property | 30/05/2003 | 05/03/2008 | |
| satisfied | Dunbar Bank Dunbar Bank PLC | Legal charge | 1 property | 30/05/2003 | 24/01/2011 |
Click column headers to sort. Use filters above to narrow by status and lender.
Recent filings (98 total)
confirmation-statement-with-no-updates
confirmation-statement · CS01
2026-02-10
accounts-with-accounts-type-small
accounts · AA
2026-01-04
confirmation-statement-with-no-updates
confirmation-statement · CS01
2025-01-31
change-registered-office-address-company-with-date-old-address-new-address
address · AD01
2025-01-31
termination-director-company-with-name-termination-date
officers · TM01
2025-01-31
change-account-reference-date-company-previous-extended
accounts · AA01
2025-01-24
accounts-with-accounts-type-small
accounts · AA
2024-08-21
confirmation-statement-with-no-updates
confirmation-statement · CS01
2024-04-15
confirmation-statement-with-no-updates
confirmation-statement · CS01
2023-04-13
change-person-director-company-with-change-date
officers · CH01
2023-02-15
change-person-secretary-company-with-change-date
officers · CH03
2023-02-15
accounts-with-accounts-type-small
accounts · AA
2023-02-02
accounts-with-accounts-type-small
accounts · AA
2022-08-01
confirmation-statement-with-no-updates
confirmation-statement · CS01
2022-04-22
appoint-person-director-company-with-name-date
officers · AP01
2022-02-17