Thu, 28 Feb 2019 | ADMINISTRATION
A property development company based in Leicester has fallen into administration after experiencing a string of financial difficulties, forcing the business to take steps to handle the insolvency.
A1 Alpha Properties (Leicester) Limited, trading from Gateshead, has called in business advisory firm Quantuma LLP to handle the administration process, with partners Nick Simmonds and Paul Zalkin appointed as joint administrators.
Established in 2001, the company managed the development of residential, commercial and retail construction and assets. Amongst a range of property types, student accommodation, serviced apartments and retail units were but some of the developments in their varied portfolio which spanned the whole of the UK.
Although Quantuma noted that A1 Alpha Properties (Leicester) had a successful turnover of £1 million, the business was faced with a series of financial difficulties as a result of unpaid monies owed to the company’s rental investors at the beginning of this year.
The business was forced to call in administrators on 21 February 2019, but as it has no members of staff, there will be no redundancies because of the administration process.
Simmonds commented on the insolvency, saying: Due to ongoing financial difficulties, I can confirm that Quantuma has been appointed as administrators at A1 Alpha Properties (Leicester) Ltd.
“As part of our role we will regularly update investors on our progress. We are currently in the process of assessing the case, with the aim of achieving the optimum outcome for all stakeholders.”
Click here to view the A1 Alpha Properties (Leicester) Limited listing for full details.
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