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21 Jun 2010
Administrators from Begbies Traynor have been appointed to developers Connaught Square, putting a £150m transformation project in Birmingham in jeopardy.
Neil Mather and John Kelly are joint administrators of the business which is a subsidiary of Irish-owned Naus Group Connaught Square was due to develop a single mixed-used site consisting of apartments, a four star hotel, spa and restaurant in Birmingham's Irish quarter.
It is reported the decision to place the business in administration came following a funding decision from the company's backer, government bailed out Allied Irish Bank, reported The Birmingham Post.
Mather said: “We will be examining the options and in due course will be looking to assess what interest there may be from the wider property world. This is an historic site just off the city centre and represents a major opportunity for the right developer.
“We are keenly aware that this is a very important location in terms of Birmingham’s ongoing re-development and will be looking to expedite matters as rapidly as practicable.”
Around 800 jobs were expected to be created from the development of the new multi-use site which was due to be completed by 2011.
Ronan Mellett, CEO Naus Group, told the Birmingham Post: “We will be working with the administrators to secure funding with a view to getting the scheme into development in the near future.”
Further reading:
Football League agrees Stockport sale out of administration
140,000 companies "in severe financial distress"-Begbies Traynor
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