Administrators Look For New Buyers of Site Following Administration of Developments One (Birmingham) LTD

Developments One (Birmingham) Limited has entered Administration following the Liquidation of the main contractor developing a block of 170 apartments in the Digbeth area of Central Birmingham. The secured creditor, UE Finco Limited appointed Simon Plant and Daniel Plant SFP as Joint Administrators on 21st May, 2018.

Work on the site has commenced and despite a second contractor being appointed it was too late to prevent Developments One from breaching its banking covenants. As such, the secured creditor sought the appointment of administrators, turning to nationwide insolvency firm SFP.

Since being appointed, SFP has instructed insurers, structural engineers and independent property advisors to review the work completed to date and the future prospects for the scheme, to inform the strategy for the Administrators going forward. The site has been mothballed and secured until the future of the scheme has been determined.

Simon Plant says that a comprehensive review of the position is currently underway: “While we are completing our review, we are actively looking to secure the future of this scheme by inviting registrations of interest from parties looking to acquire the site.” He says, “We are also reviewing the trading history of the business to better understand how the failure of the initial contractor to complete the works led to our client calling in administrators.”