Property developer Mar City Developments enters administration

Fri, 10 Jun 2016 | COMMERCIAL PROPERTY

Property developer Mar City Developments Ltd (MCDL), which owns the freehold of several commercial buildings in Birmingham, has been placed into administration.

Its owners Tony and Maggie Ryan exited their roles as director of Mar City plc in December 2015, but remained majority stakeholders.

MCDL is now in the hands of joint administrators Shay Bannon and Sarah Rayment of BDO, who came in to handle matters on 24 May 2016. The company has now ceased trading and all three workers have lost their jobs. The administrators will bring in agents to market the property assets for the company, which include several commercial buildings in Birmingham and development sites in the Midlands.

MCDL's subsidiaries — South Staffs Group Ltd and Terngate Ltd — are not affected. Mar City plc, Mar City Homes Ltd and Mar City Land Ltd are likewise unaffected by the administration, and are owned and managed separately.

The company revealed last year that MCDL owed Mar City Homes £19.5 million. Mar City planned to review the situation to pinpoint the true amount owed by MCDL.

Mar City Homes was shortlisted in two categories at the RESI Awards 2015, and also in four categories in the RICS Awards 2015, partly for its work on The Malt House, a Grade II-listed building in Lichfield.

Commercial properties for sale
Building and construction businesses for sale


Share this article



Latest Businesses for Sale

Pharmacy
Cambridgeshire, UK Wide

Long established community pharmacy. First time on the market in 30 years. Now occupying exemplary new purpose built accommodation. Standard hours. Offers invited.

Asking Price: Offers Invited
Turnover: £885,000

LEASEHOLD


Creative Consultancy & Interior Design Solutions
UK Wide

Works closely with clients to produce interior design solutions for educational institutions, which could be marketed to more sectors.Additionally offers an array of creative media, including videos,presentations, websites, branding and full direct m...

Asking Price: Offers Invited
Turnover: £873,000

RELOCATABLE


Health Centre Pharmacy
Devon, UK Wide

Unopposed health centre pharmacy. Semi-rural location. In receipt of Pharmacy Access Scheme payments. Offers invited.

Asking Price: Offers Invited
Turnover: £845,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
24
 
Jan
 

Hawkin’s Bazaar enters administration | ADMINISTRATION

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

 
23
 
Jan
 

MBO at Bristol-based media training firm | MBO/MBI

Mentor Media Training has been acquired by lead consultant D...

 
22
 
Jan
 

Chelmsford warehouse management firm bought by software provider | BUSINESS SALE

Chelmsford-based warehouse management solutions provider Min...

Free guide: 10 Biggest Buyer Mistakes

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

Email


Related News

 
27
 
Jun
 

Administrators appointed for major bathroom retailer – buyer sought immediately | ADMINISTRATION

With 135 stores dotted around the country, and thought to be...

 
14
 
Jun
 
 
31
 
May
 

Luxury chocolatier enters administration | ADMINISTRATION

A high-end chocolate maker has collapsed into administration...

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