Mon, 16 Mar 2020 | ADMINISTRATION
Building developer Elliot Group has placed three stalled developments into administration after running into funding problems.
Liverpool-based Elliot Group has been in the midst of a police investigation into allegations against its founder Elliot Lawless.
Lawless denies the allegations, but says the investigation has made investors “cautious about backing the projects” – two in Liverpool and one in Manchester – “to their conclusion.”
As a result, Elliot Group has appointed Paul Cooper and David Rubin from London-based accounting firm David Rubin & Partners to act as joint administrators on the developments.
It was recently announced that developer-contractor Vermont Group was in talks to take over development of the £100 million Aura scheme in Liverpool. However, in a statement Vermont said:
“Regrettably, we were unable to agree terms and the necessary security provisions with Elliot Group in respect of Aura and have had no alternative but to withdraw from these discussions.”
The two other projects are Infinity, a 38-storey tower on Liverpool’s Leeds Street, and The Residence, a £70 million tower in Salford. Vermont was a contractor on both of these developments.
Lawless has said that he is focused on working with administrators to ensure the projects are completed, saying:
“As we enter the administration process, we’ll continue to work proactively with investors to explore how we can help them crystallise their investments and get the projects completed.”
“They’re good schemes in great locations and I want to see them through. We’ve delivered 100 per cent of all our schemes in the past and I am intent on maintaining that track record.”
Opportunity to acquire a well-established demolition company with a strong reputation in the Midlands, specifically based in Shropshire.
Presenting an exceptional opportunity to acquire a well-established specialist joinery business located in Southport, Merseyside.
This specialist fabrication business offers an excellent opportunity for a new owner to benefit from its established reputation and expertise in designing and manufacturing bespoke trailer products across the UK.
11
|
Jul
|
Holiday letting agency acquires Cornish self-catering holiday specialist | BUSINESS SALE
Travel Chapter, a leading UK holiday letting agency, has ann...
11
|
Jul
|
Power services firm set to be acquired by US energy resilience group | BUSINESS SALE
The Wilmott Group Limited, a power services group with opera...
11
|
Jul
|
Dunfermline vehicle manufacturing services firm enters administration | ADMINISTRATION
A specialist manufacturing business based in Dunfermline 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.