Thu, 22 Aug 2024 | ADMINISTRATION
A property firm based in Coventry has fallen into administration after failing to meet the investments required on a lease it held. Simon Campbell and Kelly Mitchell, Managing Directors and insolvency practitioners at Quantuma’s Southampton office, were appointed as joint administrators of Innovative Retail Development Limited on August 7.
Innovative Retail Development was founded in 2019 and held the long lease for Riley Square, a retail centre in Coventry which also contained social housing. The lease had been granted to the company by Coventry City Council.
The lease required that the company make investments in the site and community improvements. However, for unknown reasons, the company failed to meet these requirements. It subsequently fell into administration, after the process was reportedly triggered by a frustrated secured creditor of the company seeking to safeguard their interests.
Innovative Retail Development had no employees, meaning that no jobs were affected by the appointment of the joint administrators, who will instead focus on controlling rental income and maximising value for the company’s creditors. The management of the Riley Square site also remains unchanged following the administration.
Joint administrator and Quantuma Managing Director Simon Campbell commented: “It is deeply regrettable that Innovative Retail Development has been forced into an insolvency process as a temporary protective measure.”
“As Joint Administrators, our immediate priorities have been to control rental income, to understand the balance of interests between secured creditors and Coventry City Council, to deliver a practical solution for the community and to maximise medium-term value for creditors.”
In accounts for the year ending November 30 2023, Innovative Retail Development Limited’s fixed assets were valued at more than £2.3 million, while current assets stood at slightly over £134,000. At the time, its total net assets amounted to around £1.3 million.
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