ADAPTIVE PROPERTY GROUP LIMITED
🏛️Establishedactive
11999332 · ltd · incorporated 2019-05-16
Investment thesis
Property vehicle with leveraged stack — refinance / partial-release angle.
Why interesting: Asset-backed; value largely in underlying property; lender engagement likely possible.
Why risky: Multiple lenders to manage; inter-creditor friction and partial-release cost possible.
🔒Estimated value
—
Upgrade to see
Turnover
—
year to Mar 2024
Net worth
—
book net assets
Opportunity
61/100
Worth a look
What this business does
Primary activity: Other letting and operating of own or leased real estate
Sector: Real estate
Investor take
Pass (distressed without resilience)Distressed property-backed borrower — structural issues outweigh the discount.
Opportunity 61/100 (worth a look), bankability 37/100. High owner-dependency — earn-out structure likely required for clean transition. Biggest value-creation lever: File overdue accounts. Clears statutory overdue flag — immediate bankability uplift for refinance conversations. Most likely exit: share sale to pe / searcher (38/100).
🏦
Refinance opportunity
6 live charges · 5 lenders · oldest 6.5y
35/100
too messy
Refinance path is blocked by complexity. Rethink structure or expect bespoke, expensive terms.
- · Oldest live charge is 6.5 years old — likely at or near maturity.
- · 5 lenders named — inter-creditor friction likely.
- · Legal-friction score 25/100 — workable, but lender will want more DD.
Data confidence
Overall: medium (75/100)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
1 year of iXBRL accounts extracted (no YoY comparison) + narrative notes parsed
50
Lenders & charges
6 charges (6/6 with lender, 6/6 with type)
90
Directors & officers
3 officers (2 active, 3 linked, 3 with DOB)
90
Ownership & PSC
2 active PSC(s) of 2 total, 2 with control declared
90
Director network
8 connected companies via shared directors
69
Filing history
34 filings on record
85
Gazette notices
No matching gazette notices (standard for active companies)
60
Opportunity Score
61/100Worth a look
PassWatchWorth a lookStrongExceptional
Mixed signal. Worth opening the full target workup before deciding to pursue.
Business quality
50
Adequate — check latest filings for context.
Acquirability
55
Some acquirability indicators.
Risk profile
59
Some moderate concerns — review flags.
Signal strength
100
Good data coverage for analysis.
Key financials
1 year extracted from filed iXBRL accountsCash
—
Net Worth
—
Current Assets
—
Current Liabilities
—
Financials
Extracted from Companies House accounts · FRS 102| Metric | 2024-03-31 |
|---|---|
| Average employees | 200 |
Amounts extracted automatically from iXBRL. Fields left blank were not reported or not mapped. Values in GBP unless stated.
🔒Filing-note intelligence
3 signals detected in this company's narrative notes — going-concern language, audit opinion, contingent liabilities, related-party transactions.
Available from the Pro tier upwards.
See pricing →Recent activity
Last 30 days
0
filings
Last 90 days
2
filings
- • 1 confirmation-statement
- • 1 mortgage
Last 180 days
3
filings
- • 2 mortgage
- • 1 confirmation-statement
Counts from Companies House filing history.
Corporate timeline (31 events)Click to expand
- 2026-04-17📄mortgage-create-with-deed-with-charge-number-charge-creation-datemortgage · MR01
- 2026-04-16🔒Charge registered #6Lender: Onesavings Bank PLC
- 2026-02-25📄mortgage-satisfy-charge-fullmortgage · MR04
- 2026-02-25🔓Charge satisfied #1
- 2025-09-05📄mortgage-satisfy-charge-fullmortgage · MR04
- 2025-09-05🔓Charge satisfied #2
- 2025-05-21📄mortgage-create-with-deed-with-charge-number-charge-creation-datemortgage · MR01
- 2025-05-10🔒Charge registered #5Lender: John Sidney Richardson
- 2025-03-31📄accounts-with-accounts-type-total-exemption-fullaccounts · AA
- 2024-12-31📄change-account-reference-date-company-previous-shortenedaccounts · AA01
- 2024-03-18📄mortgage-create-with-deed-with-charge-number-charge-creation-datemortgage · MR01
- 2024-03-13🔒Charge registered #4Lender: Shawbrook Bank Limited
- 2023-12-22📄accounts-with-accounts-type-total-exemption-fullaccounts · AA
- 2023-08-25📄mortgage-create-with-deed-with-charge-number-charge-creation-datemortgage · MR01
- 2023-08-18🔒Charge registered #3Lender: Quantum Mortgages Limited
- 2023-07-10📄change-to-a-person-with-significant-controlpersons-with-significant-control · PSC04
- 2023-07-10📄change-to-a-person-with-significant-controlpersons-with-significant-control · PSC04
- 2023-07-10📄change-person-director-company-with-change-dateofficers · CH01
- 2023-07-10📄change-person-director-company-with-change-dateofficers · CH01
- 2023-06-30📄mortgage-create-with-deed-with-charge-number-charge-creation-datemortgage · MR01
- 2023-06-15🔒Charge registered #2Lender: John Sidney Richardson
- 2022-12-20📄accounts-with-accounts-type-total-exemption-fullaccounts · AA
- 2022-03-31📄accounts-with-accounts-type-total-exemption-fullaccounts · AA
- 2020-11-09📍change-registered-office-address-company-with-date-old-address-new-addressaddress · AD01
- 2020-02-12📄change-to-a-person-with-significant-controlpersons-with-significant-control · PSC04
- 2020-02-10➕NICKLESS, Paul Michael appointeddirector
- 2019-12-05🔒Charge registered #1Lender: Craig Foster and Mark Richards as Trustees for the Bw Interiors LTD Rbs
- 2019-11-04➖NICKLESS, Howard resigneddirector
- 2019-07-10➕NICKLESS, Howard appointeddirector
- 2019-05-16🏢Company incorporatedAs ADAPTIVE PROPERTY GROUP LIMITED
- 2019-05-16➕NICKLESS, Scott Mark appointeddirector
Owner dependency
66/100
High — earn-out structure requiredMaterial founder dependency. Consider a 2-3 year earn-out and build in a handover plan before completion.
FACTORS
- +Two-director setup: Only two active directors — typical of owner-managed SMEs but limits succession.
- +Family involvement: Multiple officers share a surname — likely family business, which concentrates governance.
Succession & seller-readiness
36/100
Weak signalLimited succession signal. Not a near-term off-market candidate.
SIGNALS
- secondaryTwo-director governance: Small-team governance. Succession depth is thin but not absent.
Red flags
1 high · 1 med ·Accounts overdue
highStatutory accounts have not been filed by their due date. Can indicate admin breakdown, cash preservation, or deliberate delay.
Evidence: Next due: 2026-03-30
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
2 active beneficial owners| Name | Shares | Voting rights | Nature of control | Notified |
|---|---|---|---|---|
Mr Paul Michael Nickless Individual · British · DOB 04/1989 · age 37 | 25–50% | 25–50% | 25-50% shares · 25-50% voting | 10/02/2020 |
Mr Scott Mark Nickless Individual · British · DOB 04/1986 · age 40 | 25–50% | 25–50% | 25-50% shares · 25-50% voting | 16/05/2019 |
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 · Property · EX postcode area| Company | Est. value | Turnover | Net worth | Staff | Age | Opp | Director |
|---|---|---|---|---|---|---|---|
| ACJ HOMES LIMITED→ 12627976 · est 2020 · no financials extracted | — | — | — | — | 5y | — | — |
| ACJE HOMES LTD→ 15795799 · est 2024 · no financials extracted | — | — | — | — | 1y | — | — |
| ACORN PROPERTY COMPANY 2018 LIMITED→ 11109195 · est 2017 · no financials extracted | — | — | — | — | 8y | — | — |
| ACREFORD ASSOCIATES LTD→ 16711388 · est 2025 · no financials extracted | — | — | — | — | — | — | — |
| ACTP CONSTRUCTION LIMITED→ 12478428 · est 2020 · no financials extracted | — | — | — | — | 6y | — | — |
| AD PROPERTY (SW) LTD→ 15677193 · est 2024 · no financials extracted | — | — | — | — | 1y | — | — |
| ADEY INVESTMENTS LTD→ 16586666 · est 2025 · no financials extracted | — | — | — | — | — | — | — |
| ADHYA PROPERTIES LIMITED→ 16529985 · est 2025 · no financials extracted | — | — | — | — | — | — | — |
| ADIPOST OF WHITTON LIMITED→ 02600167 · est 1991 · no financials extracted | — | — | — | — | 35y | — | — |
| ADM PROPERTY LETTINGS LIMITED→ 10649919 · est 2017 · no financials extracted | — | — | — | — | 9y | — | — |
| ADMIRAL COURT 8/9 LIMITED→ 13459128 · est 2021 · no financials extracted | — | — | — | — | 4y | — | — |
| ADMIRAL COURT YARD LIMITED→ 13459175 · est 2021 · no financials extracted | — | — | — | — | 4y | — | — |
Peers ranked by estimated value, then turnover, then opportunity score.See all →
🔒Tailored diligence questions
10 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
Incorporated2019-05-16
Jurisdictionengland-wales
Primary SIC68209 — Other letting and operating of own or leased real estate
Registered office
First Floor, Units 3/4 Cranmere Court, Lustleigh Close
Matford Business Park
Exeter
Devon
EX2 8PW
United Kingdom
Filing status
Accounts
Next due: 2026-03-30OVERDUE
Last made up to: 2024-03-31
Confirmation statement
Next due: 2027-05-29
Last: 2026-05-15
Officers (2 active · 1 resigned)
NICKLESS, Paul Michael→
Activedirector · ~37y · appointed 2020-02-10
View their other companies + combined net worth →
NICKLESS, Scott Mark→
Activedirector · ~40y · appointed 2019-05-16
View their other companies + combined net worth →
NICKLESS, Howard→
Resigneddirector · ~70y · appointed 2019-07-10 · resigned 2019-11-04
Click a director name to see their full track record across all companies.
Mortgages & charges
6
Total charges
4
Outstanding
4
Active lenders
Status:Lender:6 of 6 shown
| Type | Properties | |||||
|---|---|---|---|---|---|---|
| outstanding | Onesavings Bank Onesavings Bank PLC | A registered charge | 1 property | 16/04/2026 | — | |
| outstanding | John Sidney Richardson | A registered charge | 1 property | 10/05/2025 | — | |
| outstanding | Shawbrook Shawbrook Bank Limited | A registered charge | 1 property | 13/03/2024 | — | |
| outstanding | Quantum Mortgages Quantum Mortgages Limited | A registered charge | 1 property | 18/08/2023 | — | |
| satisfied | John Sidney Richardson | A registered charge | 1 property | 15/06/2023 | 05/09/2025 | |
| satisfied | NatWest Group Craig Foster and Mark Richards as Trustees for the Bw Interiors LTD Rbs | A registered charge | 1 property | 05/12/2019 | 25/02/2026 |
Click column headers to sort. Use filters above to narrow by status and lender.
Recent filings (34 total)
confirmation-statement-with-updates
confirmation-statement · CS01
2026-05-20
mortgage-create-with-deed-with-charge-number-charge-creation-date
mortgage · MR01
2026-04-17
mortgage-satisfy-charge-full
mortgage · MR04
2026-02-25
mortgage-satisfy-charge-full
mortgage · MR04
2025-09-05
confirmation-statement-with-updates
confirmation-statement · CS01
2025-06-26
mortgage-create-with-deed-with-charge-number-charge-creation-date
mortgage · MR01
2025-05-21
accounts-with-accounts-type-total-exemption-full
accounts · AA
2025-03-31
change-account-reference-date-company-previous-shortened
accounts · AA01
2024-12-31
confirmation-statement-with-updates
confirmation-statement · CS01
2024-05-24
mortgage-create-with-deed-with-charge-number-charge-creation-date
mortgage · MR01
2024-03-18
accounts-with-accounts-type-total-exemption-full
accounts · AA
2023-12-22
mortgage-create-with-deed-with-charge-number-charge-creation-date
mortgage · MR01
2023-08-25
confirmation-statement-with-updates
confirmation-statement · CS01
2023-07-11
change-to-a-person-with-significant-control
persons-with-significant-control · PSC04
2023-07-10
change-to-a-person-with-significant-control
persons-with-significant-control · PSC04
2023-07-10