Thu, 21 Oct 2021 | ADMINISTRATION
Mount Group Student NatEx Ltd, the company behind the £45 million NatEx student accommodation project in Liverpool, has fallen into administration as a result of COVID-19 and Brexit.
Patrick Lannagan and Julien Irving of advisory firm Mazars have been appointed as joint administrators to the company, a subsidiary of Mount Property Group, and are now working to secure the future of the project.
The NatEx project, which remains largely unfinished, was acquired by Mount Property Group from Welsh firm Anwyl in 2018. The project involves the redevelopment of Liverpool’s former National Express Bus station and was designed to feature more than 500 accommodation units over two towers.
The two towers would have been 16- and 10-storeys high respectively, with the accommodation units comprising 574 beds in studios and cluster rooms, in addition to a gym, communal study space and large social areas.
Lending group LTPS Prime Secured provided the firm with a £12 million loan towards the project in December 2019, with the company saying it aimed to have finished the scheme by September 2020.
Joint administrator Patrick Lannagan commented: “The administrators are presently assessing the financial position of the company with a view to determining the optimal strategy for the completion of the development.”
“The company’s financial position has been adversely affected by delays and increased costs resulting from, among other factors, the COVID-19 pandemic and supply chain issues associated with the pandemic and Brexit."
Lannagan added that the administration only concerns Mount Group Student NatEx Ltd, with no other businesses in the Mount Property Group affected.
Read more about pressures impacting the UK construction sector
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