Signature Living Preston Limited (10599088): administration
- Status
- In administration
- Administration began
- 2022-08-05
- Administrators
- Robert Armstrong, Benjamin John Wiles
- Administrators' firm
- Kroll
- Incorporated
- 2017-02-03
- Location
- Manchester
- Industry
- 41100 Development of building projects
Why it went into administration
- COVID-19
- Funding withdrawn / unable to refinance
- Loss-making contracts / project overruns
- Brexit
From the administrators' statement
The Signature Group initially raised funding via collective investment schemes and secured and unsecured lending, to purchase and develop dilapidated buildings into hotels and residential schemes.
Significant delays to the development of the Property occurred from 2019 as a result of Brexit uncertainty, asbestos that was found within the building that needed rectifying and the COVID-19 lockdown measures that put a halt to all property development.
Activity resumed on the Property intermittently from June 2020 with the easing of the COVID-19 lockdown measures, for example, the roof extension was completed, and interior works were progressed.
Administrators' statement of proposals (2022-10-10) · Companies House register