Fri, 08 Jun 2018 | ADMINISTRATION
A residential building development in the heart of Birmingham has been put on hold as it seeks a new buyer, following the collapse of the two companies working on the scheme.
The 170-unit housing development with a roof garden and underground parking, known as St Anne’s Court built on the corner of Lombard Street and Bradford Street, is projected to have a gross development value exceeding £30 million upon completion.
The residential development has mothballed due to its contractor, Developments One (Birmingham) Ltd, entering administration as a result of its main developer going into insolvency. Despite construction commencing upon the appointment of a second contractor, it could not prevent Development One from violating its financial agreements.
Simon and Daniel Plant from The SFP Group have been appointed by the secured creditors UE Finco Ltd on 21 May 2018.
SFP has since advised that the construction of the residential units be put on hold until a new buyer and administrator has been secured. The group has also instructed the structural engineers, insurers and independent property advisers to assess the work completed thus far, and to review the completion date and strategies for the future.
Plant commented: "While we are completing our review, we are actively looking to secure the future of this scheme by inviting registrations of interest from parties looking to acquire the site.
"We are also reviewing the trading history of the business to better understand how the failure of the initial contractor to complete the works led to our client calling in administrators."
Established in 1994, these three handsomely presented and fully-equipped unisex hair salons are located in a prominent trading location.
Established vehicle display is located in a Berkshire prominent main toad. The business boats an excellent reputation and customer base.
LEASEHOLD
Established 2019, this logistics company can be managed from anywhere. The business comes with reliable executives already in place.
19
|
Apr
|
Building services consultancy moves to employee ownership | MBO/MBI
A building services consultancy in the North East has moved ...
19
|
Apr
|
US firm acquires Somerset employee management provider | BUSINESS SALE
An employee management services firm based in Somerset has b...
18
|
Apr
|
Education specialist makes second LDC-backed acquisition | BUSINESS SALE
Hybrid, an education media and marketing services firm, has ...
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.