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
Specialises in providing fast, reliable and trustworthy private hire transport services using a modern and maintained fleet for the public, commercial and corporate sectors. Service offering is enhanced through an industry-leading smartphone applicat...
LEASEHOLD
The franchisor offers a white-collar management franchise focusing in the dynamic multi billion pound care and support market. The role of a franchisee is one of working “on” the business, as opposed to working “in” the business – managing people, st...
LEASEHOLD
Established business acquired as going concern in 2013 with excellent reputation for quality, service and reliability. An opportunity exists to purchase the business and assets of well-established security business. Long track record of profitability...
LEASEHOLD
|
22
|
|
Jan
|
Jewellery retailer enters administration | ADMINISTRATION
A Nottingham-based jewellery and watches company has fallen ...
|
19
|
|
Jan
|
Luxury lodging group enters administration | ADMINISTRATION
An Essex-based company which operates eight luxury lodge par...
|
17
|
|
Jan
|
Fine paper business enters administration | ADMINISTRATION
Arjowiggins UK, which operates a number of trading companies...
Sign up to receive our acquisition alert emails to get your FREE guide
|
27
|
|
Nov
|
Accountancy and business advisory: the ultimate merger | MERGER
Advanced merger discussions are underway between accountancy...
|
30
|
|
May
|
Four care homes enter administration after failed lease | ADMINISTRATION
Four care homes have been taken over by administrators follo...
|
24
|
|
Feb
|
Q4 2016 'the perfect end to an active year of M&A' | BUSINESS NEWS
Mergers and acquisitions deal activity for the final quarter...
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