BusinessBusiness RecoveryBegbies Traynor administrators called in to Connaught Square

Begbies Traynor administrators called in to Connaught Square

Connaught Square, the developers of a £150m property site in Birmingham, have appointed Neil Mather and John Kelly as administrators

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

Begbies
CFO to leave for NCC

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