Fri, 04 Feb 2011 | ADMINISTRATION
The tallest building in Liverpool, the long-troubled West Tower, has entered administration after the property crash took a heavy toll on its parent companies.
West Tower Liverpool and Mapfield properties have both been placed into administration with Grant Thornton, after falling property prices meant that the companies were unable to meet the bank borrowing obligations on the 40-storey building.
Joint administrator, Les Ross, said, however, that its was "business as normal" for the people who live in the skyscraper's 123 apartments and the businesses occupying the 12,000 square feet of commercial space on the lower floors.
The building was only completed in 2008, having been built by local developer, Beetham, but has been plagued by financial worries ever since. The administrators are now deciding what is best for the tower's future - whether it should be sold off as individual properties, or as a whole.
Mr Ross explained, "Over the coming days and weeks, we will be considering the most appropriate strategy for the site but it's worth saying that we recognise the value of West Tower and its unique position in the city."
The Panoramic restaurant on the 34th floor of the building is unaffected by the administration as it is owned by a separate company, and continues to trade as normal.
Providing a range of dry-cleaning and laundry services for retail and corporate customers across the West Midlands.
An excellent opportunity has arisen to acquire an established M&E engineering and construction specialist based in the North of England.
A steel processing business based in the North West has ceased trading after falling into administration. The company specialised in hot rolled steel and reversing mill plate processing. Offers for assets are invited as soon as possible.
14
|
May
|
Dovehaven Care Homes continues M&A drive with deal for Warrington site | COMMERCIAL PROPERTY
Care home operator Dovehaven Care Homes has acquired Calland...
14
|
May
|
Liquidators to be appointed at food and drink festival operator | ADMINISTRATION
A company that runs a food and drink festival in North Yorks...
14
|
May
|
UK administrations update: May 8 –14 | ADMINISTRATION
Since our last update, the following businesses have been co...
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
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.