Thu, 16 Sep 2021 | ADMINISTRATION
Kroll Advisory Ltd is set to start selling off assets after being appointed administrator to four companies in the Artisan group. Jimmy Saunders and Andrew Knowles of Kroll have been named joint administrators of Artisan H1 Ltd, the Ainscow Hotel Ltd, Greyday LLP and Artisan Group Facilities Management Ltd.
The four companies operate numerous properties in Manchester, including Salford’s The Ainscow Hotel, several apartment buildings and a former mill, which is described as having significant potential for redevelopment.
The companies’ struggles were partly attributed to the fallout of the Grenfell Tower disaster. Several of its residential properties have cladding facades, severely impacting the ability of the group and third-party leaseholders within the buildings to sell apartments.
The Ainscow Hotel, which employs 30 staff, is continuing to trade as a going concern, with trade not suffering any disruption. Bookings at the hotel are being honoured and are forecast to significantly improve as COVID-19 restrictions ease and the business’ key Christmas trading period starts.
The joint administrators are now set to proceed with a divestment by selling assets relating to the residential developments. Kroll has said this will take place in a staged process, initially focusing on buildings not affected by cladding, with administrators working with managing agents and professional consultants in an attempt to resolve the cladding situation at other buildings.
The appointment of Kroll to the companies follows the firm’s appointment as administrator to Artisan H (Kings Waterfront) Ltd in June 2021. Artisan H owns The Block residential development on the Liverpool Waterfront.
Regarding The Block, joint administrator Andrew Knowles commented: “The Block was impacted by a major fire in December 2017, which destroyed a multi-storey car park adjoining The Block and the Liverpool Echo arena (as was).”
“The subsequent remedial works to The Block and matters relating to the insurance claim and associated works have placed substantial pressure on the Group, and The Block is still not fit for occupation with significant remedial works remaining.”
The joint administrators will work with The Block’s relevant stakeholders towards the completion of the remedial works.
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