Thu, 11 Apr 2019 | ADMINISTRATION
The companies behind West Yorkshire student accommodation property developments have been forced to close their doors and enter administration.
Mederco Block A Limited and Mederco (Huddersfield) Limited have called in London-headquartered insolvency practitioners RSM Restructuring Advisory to handle the administration process, with partners Jamie Miller and Damian Webb appointed as joint administrators.
The two companies officially went under on 28 March 2019. However, the administrators stated they would examine all avenues and aspects of the business, including investment structures, to determine all of its secured and unsecured creditors.
The main assets of the Mederco businesses are its Manchester Road, Huddersfield purpose-built student accommodation blocks.
Miller said: “It’s at an early stage, and we are currently in the process of reviewing the financial position of the business and working with our advisors to determine the optimal sales strategy to maximise returns for creditors.
“We are also looking to identify all creditors of the company and would ask any parties with an interest to get in touch with RSM’s Leeds office as soon as possible.
“We understand that a significant number of third parties have provided monies seeking to purchase individual units in the properties and encourage those parties to provide the full particulars of their claims to us.”
The Mederco businesses belong to ex-Bury FC chairman Steward Day, whose other two companies have also recently collapsed to owe a total of £27 million. Business advisory firms Leonard Curtis and Duff & Phelps are handling the administrators of the other two companies of Day’s empire.
For more news stories about administrations click here. For all our administrations listings, click here.
Highly regarded supplier of a diverse range of diamond cutting and drilling products. Extensive product range includes dry products, wet products, large blades, wet core drills and machinery. Offers invited.
LEASEHOLD
Very well established and highly regarded company which specialises in the provision of a virtually "one stop" range of individually tailored contracting and sub-contracting civil engineering and construction projects for all manner of private and co...
RELOCATABLE
Thriving business which designs and installs Interior Plantation Shutters. It has been under the proud ownership of our client since 2007 during which time they have made considerable investment and grown the business. Offers invited.
RELOCATABLE
|
21
|
|
Apr
|
Cambridge artificial intelligence / machine learning company bought by customer | BUSINESS SALE
Early stage advanced data analysis company Rinocloud has bee...
|
19
|
|
Apr
|
Accountancy firm to expand in Scotland | BUSINESS SALE
A UK-based accountancy firm with offices peppered across the...
|
18
|
|
Apr
|
Recruitment firm acquires counterpart | BUSINESS SALE
Swindon-headquartered recruitment company Outsource UK has s...
Sign up to receive our acquisition alert emails to get your FREE guide
|
22
|
|
Nov
|
Bristol care home enters administration | ADMINISTRATION
Owner of Woodlands Manor Care Home, Driskal Limited has fall...
|
16
|
|
Mar
|
Debt recovery firm and affiliates enter administration | ADMINISTRATION
Asset valuation and debt recovery firm Winterhill Largo has ...
|
26
|
|
Feb
|
Kendal Mint Cake maker enters administration | ADMINISTRATION
Wilson’s, the company famous for manufacturing the Ken...
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