Hodgkinson businesses enter administration
ADMINISTRATORS have been appointed to two property development companies connected to former Yorkshire Forward chairman Terry Hodgkinson.
Lyn Vardy and Toby Underwood from PwC have been appointed joint administrators of Magna Holdings Ltd and Magna (Yorkshire) Investments.
The two Wakefield-based companies operate three multi-let office sites in Yorkshire.
The administrators have kept on the operations’ five employees.
Mr Vardy said: “The directors have been working with the secured creditor over a number of months to resolve the companies’ financial difficulties. However, they have been unable to secure alternative funding to the levels required.
“Consequently, the directors have appointed administrators to protect the companies’ assets as buyers are sought and have agreed to work with the administrators to maximise the returns available to creditors. We are hopeful of finding a solution to preserve jobs.”
According to information held by Corpfin Mr Hodgkinson, who recently revealed plans to transform an historic engine shed in Whitby into a visitor attraction, holds a controlling stake in each business with his wife Anne.
