Thu, 08 Apr 2010 | ADMINISTRATION
Developer Manyoo LLP has fallen under the administration of KPMG after failing to finish building its major residential project on Salford Quays.
The firm is a joint venture between Leeds-based developer KW Linfoot, which is already in administration, and London-based Yoo Capital.
The company has already gathered £3.5 million worth of deposits from people who wanted to buy one of the 1,036 flats being built. The deposits were paid on 264 of the flats over two and a half years ago, with each deposit totalling between £8,000 and £20,000.
The scheme itself involved the construction of four 26-storey towers. The project was due to be completed in early 2011 and apartments were to be designed by Jade Jagger. However, instead, half the site is now owned by the Bank of Scotland and the other half was given over to the receivers last year and is being operated as a car park.
Investors who have already paid deposits have been hoping to force the firm into liquidation so that had a better chance of seeing their money again.
The administrators were called in last week.
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