Sunbeam scheme’s future clouded by developer’s administration

QED Developments, the Wolverhampton-based building contractor which was carrying out the redevelopment of the city’s former Sunbeam Factory, has appointed administrators.

The Sunbeam scheme on Paul St envisaged 115 mixed use residential units and is around 70% complete.

Founded in 2013, the company ran into financial difficulties earlier this year due to cost over-runs and funding challenges. The business has an annual turnover in excess of £350,000 from the completed units.

As QED Developments does not employ any staff, there will be no redundancies made as a result of the administration, the administrators said.

Business advisory firm Quantuma was appointed administrators to the business on November 12.

The process is being led by Quantuma managing partner Carl Jackson and director Simon Campbell.

Campbell said: “The business has experienced cash flow difficulties as a result of the complex building project.  As a result, we have been appointed administrators to the business, and will conduct a thorough review of the circumstances and options for building out the property, ensuring we achieve the best possible outcome for creditors.

“This is an ambitious and attractive project in a land-mark location which has every chance of success once it has been stabilised.”