Property business “doing its best” to pay back investors
Businessman Lawrence Kenwright has said he is doing his best to pay investors money owned to them.
The Liverpool property developer owns a number of properties across the region including several hotels in his home city.
Acording to reports on the BBC a number of international investors from Europe and Asia have flown into the UK to ask for their money back.
Mr Kenwright’s firm Signature Living owns a number of historic and refurbished properties across the UK.
Mr Kenwright has said his investor have to trust him and added they will get their money back.
Mr Kenwright said his company was currently unable to repay its investors as “any bit of spare money that the company has goes on the building sites”.
Signature has refurbished a number of buildings, including Liverpool’s Shankly Hotel and the Exchange Hotel in Cardiff.
Mr Kenwright added: “I’m doing my best, they’re going to have to trust me.”
The businessman said delays to Brexit are having a “devastating” impact on the hotel and property development sectors.
And he has warned that investors are holding back until the election and Brexit are resolved.
Signature has recently opened the Dixie Dean Hotel in Victoria Street in Liverpool city centre.
However, he has put the Shankly and 30 James Street hotels up for sale with a combined price tag of £51m.
He said: “Signature Living has been one of Liverpool’s most prolific business success stories over the last 10 years but delays and uncertainty around Brexit is having a devastating impact on the business.
“People talk about a slowdown in retail but there is quite a marked slowdown in the hotel and property development sector too. Funds are not as fluid and investors are thinking twice before they commit to backing projects until Brexit is resolved.
“I have worked with investors from all over the world for over a decade and it is clear to me that we’re seeing a dangerous decline in confidence. The consequences for business in cities such as Liverpool could be grave unless Brexit is settled soon. The uncertainty is unhealthy. Throwing a General election into the Mix is causing more instability.
“In a political and economic situation as fast moving as this, we need all need to be future-proofing what we do to minimise the potential catastrophic consequences of leaving the EU.
“Boris Johnson says business may feel a little bit of a pinch but businesses in the North West simply can’t afford that.”