Methodist Hall regeneration halts as receivers appointed
The lender which funded the acquisition of Birmingham’s historic Methodist Central Hall has appointed a receiver to the property, halting its development.
In Companies House documents, Dublin-based funder AHG Properties has appointed Damian Webb and Christopher Lewis of RSM as receivers to the scheme. AHG has also filed legal action in the Irish High Court against Press Up co-founder Paddy McKillen Jr.
Irish leisure and hospitality group Press Up Hospitality (trading as Creative Cedar in the UK), alongside its sister development company Oakmount, had planning permission to change the use of the listed building to create a 155-room hotel called The Dean.
Proposals featured eight bars and restaurants, a gym, event spaces, and a three-story rooftop extension with a panoramic view restaurant.
Paddy McKillen Jr alongside his property tycoon father Paddy McKillen Sr owned and operated some of Dublin’s best-known bars, restaurants and hotels.
In Dublin, Press Up has been taken over by Cheyne Capital after owing the London asset manager around €45m.
The leisure and hospitality operator cited rising energy costs, inflation, Covid-19 impacts, the Russia-Ukraine conflict, and a recent VAT increase as major financial strains.
Cheyne has acquired a majority stake in the group reportedly for around €20m as part of a debt-for-equity agreement and is planning to restructure the portfolio.
