Leicester developer slips into administration
A Leicester developer which turned over £1m a year has entered administration.
Nick Simmonds and Paul Zalkin of business advisory firm Quantuma have been appointed as joint administrators of A1 Alpha Properties (Leicester).
Founded in 2001, A1 Alpha Properties (Leicester) is a developer of commercial, residential and retail schemes.
The company ran into financial difficulties earlier this year due to unpaid bills owed to rental investors by the company, and Quantuma was appointed as administrators on the 21st February.
A1 Alpha Properties does not currently employ any staff, and there will be no redundancies made as a result of the administration.
Simmonds said: “Due to ongoing financial difficulties, I can confirm that Quantuma has been appointed as administrators at A1 Alpha Properties (Leicester) Limited. As part of our role we will regularly update investors on our progress.”
“We are currently in the process of assessing the case, with the aim of achieving the optimum outcome for all stakeholders.”
According to Companies House, Al Alpha Properties (Leicester) is run by director Peter Sullivan. According to the company’s latest accounts to end of February 2018, it had assets of almost £1.55m.
