Noble Tree Foundation Limited - Administration

Noble Tree Foundation Limited, a homeless charity with over 220 properties across England, entered administration on 3 June.

Founded in 2003, the social housing operator provided homes and support to over 850 former service personnel, vulnerable adults and asylum seekers.

In 2019, Noble Tree implemented a growth plan and committed to taking on new leases, resulting in considerable strain on cashflow due to the required capital outlay in bringing some of the properties up to serviceable condition. This resulted in rent being withheld, leading to disputes over the arrears and compensation for the costs of refurbishment. The most significant of these disputes was with landlord Home Reit, a London-listed real estate investment trust, from which Noble Tree leased 143 properties.

The charity was also subjected to a statutory inquiry from the Charity Commission which resulted in the appointment of an Interim Manager.

John Dickinson and Joseph Colley of CBW Recovery were appointed joint administrators, and said that their priority is maintaining the welfare and living conditions of the charity’s vulnerable tenants while they continue to trade the charity.