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.
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