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Reports from business insiders suggest that St George s Shopping Centre in Preston has fallen into administration
It has confirmed that among the firm s portfolio of assets is St George s Shopping Centre, which will continue to be operated by management firm Sovereign Centros in the role of Asset Managers during the administration process.
Alex Williams (Joint Administrator) told the Post: The administration of the Partnership and the Companies will have no operational impact on St Georges Shopping Centre which continues to trade in compliance with Government Covid regulations on a business as usual basis. The Property Managers (Munroe K) and Asset Managers (Sovereign Centros) of the shopping centre remain in place fulfilling their existing roles.
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Utility Alliance Ltd s head office at Hartlepool marina.
Established in 2015 with just six staff on the Queens Meadow business park in Hartlepool, Utility Alliance helped businesses to manage their utility bills through consultancy and specialist technology.
It enjoyed rapid growth, employing over 500 people at one point and opened offices in Sheffield and Newcastle.
But Covid-19 is said to have caused significant financial challenges as businesses used less energy.
The administrators also revealed that as well as trying to secure new investment, bosses tried to sell the business last year without success.
FRP say say they will now work with the staff affected to access all available support, and the business’s creditors.
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Another claim has also arisen from Tudor Capital, who say they are owed money from a claim that was incorrectly marked as satisfied. BDO’s investigation has shown their claim is valid and they expect to make a repayment in the region of £1.7m.
Second in line are the preferential creditors, however given all the employees have been taken on by the new TVS backed business, it’s not expected they will make any claims.
Next up come the unsecured creditors, which include deposit holders. To date BDO have received £8.8m of claims from unsecured creditors, far exceeding the £6.2m held on record. Despite this, BDO say they expect to make a distribution to the unsecured creditors, but they don’t know how much this will be or when.
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