Fri, 18 Mar 2016 | ADMINISTRATION
A hotel developer that was creating a landmark £32 million hotel complex in Leeds has fallen into administration due to the insolvency of a linked construction group.
Oxford GB Two Ltd has appointed Sarah Bell and Philip Duffy, managing directors of restructuring company Duff and Phelps, as joint administrators. Bell and Duffy are now trying to find a buyer for the part-built development in Leeds.
The planned 14-storey hotel complex was to become part of the Hilton Hotels network and was well underway close to Leeds Arena, but work stalled in March last year when the main contractor, GB Building Solutions Ltd, and its parent company, GB Group Holdings Ltd, fell into administration.
A statement from Sarah Bell at Duff and Phelps said: "We are in discussions to seek to agree on a forward sale which would enable construction work to recommence this year.
"Until this is approved and the project is completed it is unlikely that the final return to creditors of the company will be known; however stakeholders will be kept informed of progress.”
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