West Yorkshire property developers go under

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.


Share this article



Latest Businesses for Sale

Construction Contractor: High-Value Affordable Housing Projects
East of England, UK

Provides comprehensive design, construction and after sales services for public- and private sector clients across a range of markets, specialising in residential projects Clients include housing associations, local authorities and commercial develop...

Asking Price: Offers Invited
Turnover: £15,000,000

LEASEHOLD


Windows, Doors, Conservatory & Orangery Supplier & Installer
Lincolnshire, Yorkshire and the Humber, UK

Established in 1990 and purchased by the current owner in 2005. The business is recognised locally and within the region as one of the leading installers and suppliers of uPVC windows, doors, conservatories and orangeries. They are the largest stocki...

Asking Price: £550,000
Turnover: £1,300,000

LEASEHOLD


Construction, Plant Hire & Building Services
UK Wide

Established over 20 years and based in the South East. Provides a broad range of services, including grab, plant and van hire, construction services, plumbing and drainage, brickwork, carpentry, painting and decorating, groundworks, fabrication and a...

Asking Price: Offers Invited
Turnover: £3,000,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
28
 
Jan
 

Fairstone completes double acquisition | BUSINESS SALE

Tyne and Wear-based consolidator Fairstone Financial Managem...

 
27
 
Jan
 

Amigo founder puts company up for sale | BUSINESS SALE

Amigo founder James Benamor has put the subprime lender up f...

 
24
 
Jan
 

Hawkin’s Bazaar enters administration | ADMINISTRATION

Norwich-based novelty toy retailer Hawkin’s Bazaar has...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
05
 
Sep
 

Grantham’s Olde Barn Hotel enters administration | ADMINISTRATION

A very highly rated hotel in Lincolnshire has fallen into ad...

 
27
 
May
 

P2P firm Lendy enters administration | ADMINISTRATION

A peer-to-peer (P2P) banking firm has collapsed into adminis...

 
22
 
Apr
 

Sheffield printing firm enters administration - assets up for immediate sale | ADMINISTRATION

A printing company based in Sheffield has fallen into admini...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources