Property firm collapses as administrators appointed

A Coventry-based property firm has called in administrators from Quantuma.

On 7 August 2024, Simon Campbell and Kelly Mitchell, managing directors and insolvency practitioners from Quantuma’s Southampton office, were appointed as joint administrators for Innovative Retail Development.

Founded in 2019, Innovative Retail Development holds the long lease for Riley Square, a Coventry retail centre with social housing above.

The lease, granted by Coventry City Council, required investment in site and community improvements, which the company failed to meet for unknown reasons.

A secured creditor’s frustration led to the appointment of Quantuma’s joint administrators to safeguard their interests.

The company had no employees, so no jobs were affected, and the site’s management remains unchanged.

Quantuma managing director Simon Campbell said: “It is deeply regrettable that Innovative Retail Development has been forced into an insolvency process as a temporary protective measure. As Joint Administrators, our immediate priorities have been to control rental income, to understand the balance of interests between secured creditors and Coventry City Council, to deliver a practical solution for the community and to maximise medium-term value for creditors.”