Firm behind £77m Angelgate scheme forced into administration

The company behind the £77m Angelgate homes project in Manchester has been forced into administration following legal action by overseas investors.

Pinnacle (Angelgate) has had an administration order imposed by the High Court after action taken by around 70 South East Asia investors who paid more than £30m in advance for apartments.

Greater Manchester Police have also been asked to investigate the activities of Pinnacle and how the development scheme has stalled.

Pinnacle fell out with contractor PHD1 – which soon after into administration – in March, 2016.
The scheme is now in the hands of Duncan Swift and Neil Dingley from accountancy and advisory firm Moore Stephens.

Swift said: “The administrators first need to contact all investors and creditors.

“We will be working with the directors of Angelgate Manchester (Buyers) Ltd, the security trustee company, to determine how best to achieve a recovery.

“The administrators want to hear from all those who have invested in the Angelgate development and any developers who have an interest in seeing the development completed.”