Company behind Liverpool hotel plan goes into administration
The company behind plans to build a new city centre hotel in the heart of the Baltic Triangle, Liverpool, has entered administration.
Simon Barriball and Sandra McAlister of HBG Advisory were appointed joint administrators of Norfolk Street Hotel & Residence, a subsidiary of the Eliot Group, owned by Elliot Lawless, earlier this month.
The administrators are now seeking a buyer for the development which is based on Norfolk Street in Liverpool.
Letters to all known creditors and investors of Norfolk Street Hotel & Residence have been sent and includes full details of how they can submit a claim for any monies they are due by the company.
John Waller, director of HBG Advisory, said: “Since our appointment we have spent a lot of time working with the company and its advisors to better understand the development and its status.
“I am optimistic that HBG Advisory, working with the Law of Property Act Receivers will be able to implement a rapid process to ensure this development finds a new owner that is able to complete it within the required timeframes stipulated by planning.
“There are multiple stakeholders here, and our team has already made contact with relevant parties to provide an update and inform them of the next steps to be taken by the joint administrators.”
David Currie, of David Currie & Co, who was appointed joint Law of Property Act Receiver of the development on December 23, 2020 added: “I appreciate that there is a lot of publicity and sensitivity regarding this site but my role as Law of Property Act Receiver is to maximise values for all concerned and to this end, we have carried out a national marketing campaign as the market is the best barometer of value.”