Tue, 01 May 2012 | ADMINISTRATION
Property investment and development company City Site Estates has been placed into receivership.
The business was established in 1973 and has built up a multi-million pound portfolio of properties in London and Glasgow but the slowdown in the property market has forced the company to re-evaluate its long-term strategy.
David Chubb, joint receiver/administrator and partner with PwC, explained that the decision was taken to “seek protection through either a receivership or administration process” after discussions with the existing lenders.
He added: “Our immediate priority will be to review the existing position, explore options and develop an effective strategy for the portfolio with a view to realising best value for the benefit of creditors.”
In addition to the main company, a number of fellow group businesses have also been placed in receivership or administration. These include Saltire Leisure Ltd, which owns the Holiday Inn Express hotel in Dundee, and Queensbridge management Ltd, which had acted as an asset manager to the City Site group.
Mr Chubb noted that employees, existing tenants and stakeholders will be minimally impacted by the process, while the Holiday Inn hotel will continue to trade during the administration process.
Once a thriving online garden centre started in 2018, after an internal dispute the business stopped trading in 2022. In a space of just 3 years the business achieved £500k in turnover. This is a perfect opportunity for someone looking for a new...
Presenting an opportunity to acquire a very profitable plumbers and heating merchants business operating nationwide.
Popular and well-regarded Sushi and Ramen restaurant and takeaway, which is situated in a prime city centre location in Norwich. The premises are set over three floors and are presented to an extremely high standard throughout and offers the opportun...
LEASEHOLD
26
|
Apr
|
Major double glazing firm Everest enters administration | ADMINISTRATION
Everest, one of the largest providers of double-glazing in t...
26
|
Apr
|
Kent-based scientific consultancy sold to US firm | BUSINESS SALE
A4P Consulting Limited, a scientific consultancy company hea...
25
|
Apr
|
Ambulance services provider acquired in pre-pack deal | BUSINESS SALE
Elite Emergency Medical Services Ltd (Elite EMS), an ambulan...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.