Wed, 31 May 2023 | ADMINISTRATION
Land in Manchester that was set to house a 420 unit luxury residential development is due to be brought to market after the special purpose vehicle (SPV) behind the project fell into administration. The SPV, De Trafford No1 Castlefield Ltd, is part of the DeTrafford Group, which has seen several Manchester schemes encounter financial difficulties in recent months.
The SPV acted as a vehicle for the construction of the No1 Castlefield development, which was set to see 420 luxury residential units built at the site on the corner of Trentham Street and Ellesmere Street on land owned by DeTrafford Group. The plan was for the units to be spread across five blocks, ranging from five to 16 storeys. Plans for the scheme were lodged in 2016, with approval secured in 2017.
While there were significant levels of interest in No1 Castlefield, DeTrafford Group failed to bring the scheme forward. This resulted in a winding up petition being filed by a secured lender, reported to be finance company Endless Bridge, which subsequently sought to protect its position through the appointment of administrators.
Interpath Advisory’s Rick Harrison and Howard Smith were appointed as joint administrators to De Trafford No1 Castlefield Limited on May 30 2023. Joint administrator and Interpath managing director Rick Harrison commented: "Our immediate focus will be to assess the options available for the site alongside our agents, bringing it to market in due course. Interested parties are advised to contact us at the earliest opportunity."
In De Trafford No1 Castlefield Ltd’s most recent available accounts at Companies House, for the year ending December 31 2020, its current assets were valued at £25.7 million and its net liabilities amounted to £1.2 million.
No1 Castlefield is the latest in a series of DeTrafford developments to fall into administration. Kroll were appointed as administrators to the group’s £99 million Wavelength development in August last year, before its St George’s Gardens scheme fell into administration the following month.
One of the group's completed developments, the 109-apartment City Gardens scheme, has also reportedly experienced financial difficulties after some buyers were unable to complete on their purchases and replacement buyers could not be secured in time.
Download our free guide: How to find and buy distressed businesses and assets
A well-established garden buildings design and installation company. This instruction would suit similar businesses, operating within separate regions, who wish to expand and create greater national coverage.
This profitable business presents a compelling opportunity for a buyer seeking a well-organised and respected roofing company, and is now offered for sale due to the vendor wishing to retire. This listing is a confidential sale at the vendor's reques...
Established for over 40 years with a turnover in excess of £500,000, the business enjoys limited competition locally. The sale includes the business assets and the lease of the premises will be assigned to the new owner.
12
|
Dec
|
Arctic Fish Products sinks into administration | ADMINISTRATION
Grimsby-based Arctic Fish Products has plunged into administ...
12
|
Dec
|
Steamforged continues strategy by buying Warmachine IP | DIVISION SALE
Tabletop games developer Steamforged Games has made its late...
12
|
Dec
|
Debrett's hails historic merger | MERGER
Debrett’s has merged its Heritage and Private Finance ...
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.