Administrators appointed to Beetham firm
THE woes surrounding Liverpool property entrepreneurs Hugh Frost and his son Stephen Beetham are continuing after Baker Tilly was appointed as administrators to Regional Landmark Hotels – the business formerly known as The Beetham Organization.
Baker Tilly said that its appointment, which was made last Friday, follows the administration of “a number of companies within the group’s portfolio”.
Within the past six months, the company has lost control of Beetham Hotels (Manchester) and Beetham Hotels (Liverpool) – the property companies which let the space within its towers to Hilton Hotels and the Radisson Group respectively.
They crashed with combined debts of more than £89m to Bank of Scotland, although £60m was recovered on the sale of their assets.
The company had also previously owned Beetham West Tower in Liverpool, but this was sold to another business owned by Frost and Beetham known as Mapfield Properties. It was subsequently placed into administration in March when Allied Irish Bank recalled its £25.6m worth of loans.
Don Bailey, who has been appointed as joint administrator of Regional Landmark Hotels, said: “We are working with the former management team to ensure maximisation for creditors, which will predominantly include the disposal of investments in subsidiary companies.”
The last set of accounts for the company for the year to September 30, 2009, were only filed a couple of weeks ago and showed the value of its investments had reduced by £500,000 to £20m. It also had net liabilities of £9.9m.
