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.
The company was originally founded in 2017 to provide domestic and commercial heating and electrical services in the Essex, East London and surrounding area.
LEASEHOLD
This is a retirement sale. Owner financed. Ideal for full refurbishment. Home based. Small business. Company for sale. Unique business. Attractive business. Established business. The website is the business being sold. Producing an income of £3000...
Offers a comprehensive range of building services for commercial and private clients throughout South East England. Has the capability to build high-quality houses and extensions, as well as undertake refurbishment and conversion works. Works with a...
LEASEHOLD
|
20
|
|
May
|
Administrators seek buyer for gourmet instant noodle brand | ADMINISTRATION
Bournemouth-based instant foods brand Mr Lee’s Pure Fo...
|
19
|
|
May
|
Knights continues acquisition-lead growth strategy with £11.5m deal for law firm | BUSINESS SALE
Legal services company Knights has acquired Portsmouth-headq...
|
18
|
|
May
|
Insolvencies forecast to surge 37 per cent in 2022 as inflation hits 40-year high | BUSINESS NEWS
Businesses in the UK look set to come under continuing press...
Sign up to receive our acquisition alert emails to get your FREE guide
|
07
|
|
May
|
Sigma Dynamics purchases Manchester software business out of administration | BUSINESS SALE
Sigma Dynamics has acquired the Dynamics 365 Finance and Ope...
|
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...
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