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.”
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Turnover of £5m, with an EBITDA of £500k. Utilises years of experience in the sector to provide high-quality solutions that create exciting, innovative and sector-leading outdoor spaces.
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