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.”
Offers a comprehensive range of services, specialising in the project management and construction management of commercial fit-out projects. Operates from several strategically located premises in South England. Offers invited.
LEASEHOLD
Delivers commercially successful, functional and creative medium and large-scale residential developments, working closely with its clients to meet their quality, time and budgetary requirements. Utilises extensive in-house expertise to deliver dedic...
LEASEHOLD
Specialises in dedicated, flexible and personal aids and adaptations for the elderly and less able, working with clients to provide tailored and high-quality solutions. Service offering is enhanced by the provision of complete general building and ma...
LEASEHOLD
|
14
|
|
Aug
|
Trafford Centre up for sale after Intu administration | COMMERCIAL PROPERTY
Manchester’s Trafford Centre shopping mall is up for s...
|
13
|
|
Aug
|
Administrators bring three former Shepherd Cox Group hotels to market | DIVISION SALE
Administrators have put three hotels in the North of England...
|
12
|
|
Aug
|
Baird Group to close stores as CVA is approved | BUSINESS NEWS
Retailer and wholesaler Baird Group, the license holder for ...
Sign up to receive our acquisition alert emails to get your FREE guide
|
19
|
|
Feb
|
Pharmaceutical manufacturer enters administration | ADMINISTRATION
A pharmaceutical manufacturing company based in Bristol has ...
|
20
|
|
Dec
|
AR tech company enters administration | ADMINISTRATION
An augmented reality technology enterprise, whose technology...
|
17
|
|
Feb
|
Prefab bathroom company successfully sold | ADMINISTRATION
Aberdeenshire-based prefabricated temporary bathroom special...
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