Thu, 25 Mar 2021 | ADMINISTRATION
The company behind plans to build a new hotel in the centre of Liverpool's Baltic Triangle has announced that it has entered administration, with administrators seeking a buyer for the development.
Norfolk Street Hotel & Residence, a subsidiary of the Eliot Group, said in a statement that it has appointed Simon Barriball and Sandra McAlister of HBG Advisory as administrators of the company. The administrators have sent out letters to all known creditors and investors of the company to inform them of the developments.
Commenting on the news, Director of HBG Advisory John Waller said that administrators had spent a number of hours assessing the status of the firm ahead of planning for the future of the development.
"I am optimistic that HBG Advisory, working with the Law of Property Act Receivers will be able to implement a rapid process to ensure this development finds a new owner that is able to complete it within the required timeframes stipulated by planning," he said.
"There are multiple stakeholders here, and our team has already made contact with relevant parties to provide an update and inform them of the next steps to be taken by the joint administrators."
HBG Advisory has confirmed that it will now be working to gauge the value of the development ahead of seeking a buyer.
David Currie, who was appointed joint Law of Property Act Receiver of the development, added: "I appreciate that there is a lot of publicity and sensitivity regarding this site but my role as Law of Property Act Receiver is to maximise values for all concerned and to this end, we have carried out a national marketing campaign as the market is the best barometer of value."
View the latest distressed UK businesses here.
With lockdown set to lift over the coming week, should you buy into the hotel sector?
A well established bar/restaurant with a renowned reputation amongst local residents. This is a superb opportunity to take on a high turnover local business in an area teeming with customers.The business is justifiably proud of its awards. They have...
FREEHOLD
The company offers high-end matchmaking and relationship consultancy services to affluent private members. Priding itself on its innovative and personal approach, the company is well-established and provides a discrete service.
LEASEHOLD
Highly reputable independent music production and supervision company providing end-to-end solutions across various applications including music supervision music licensing original score recording composer representation and an internal music librar...
09
|
Jun
|
Long-standing retail display firm acquired out of administration | BUSINESS SALE
Manchester-based retail display specialist Axiom Marketing S...
09
|
Jun
|
Logistics group completes 23rd acquisition since 2015 | BUSINESS SALE
Logistics firm EFS Global has continued its acquisitive grow...
08
|
Jun
|
UK IT specialist acquired by New York workforce management group | BUSINESS SALE
Gibbs Hybrid, a UK-based IT and business services firm, has ...
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.