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.
This established company offers reliable and efficient roofing services primarily to local authorities in Scotland, boasting strong long-term client relationships and a reputable standing. With an experienced team and consistent high-value contracts,...
Profitable and long-standing fencing business available in Sherburn in Elmet, North Yorkshire, offering substantial growth potential for the right buyer.
A well-established business specialising in synthetic sports and playground surfaces, located in Nottinghamshire, is now available for acquisition.
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.