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.
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