More than £3.5m was owed by a Covid-19 testing firm when it collapsed into administration despite earning millions from the pandemic.
Companies behind stalled £94m apartments development owed over £40m when they collapsed
28.04.2023 - 06:15 / manchestereveningnews.co.uk
Two companies behind a stalled £94m apartments development in Manchester owed over £40m when they collapsed into administration.
The businesses were connected to DeTrafford's Gallery Gardens scheme in Castlefield. The scheme has planning permission for a 19-storey and 13-storey tower with 366 apartments in total.
The Gallery Gardens project had been earmarked for land at the corner of Hulme Hall Road, Chester Road and Ellesmere Street and has been approved by Manchester City Council in 2020.
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However the two companies, DeTrafford Gallery Gardens Block A Ltd and DeTrafford (Regiment) Limited, fell into administration earlier this year, with business restructuring partners Kerry Bailey and Lee Causer at BDO appointed to oversee the process.
No information has been provided on the future of DeTrafford Gallery Gardens Block B Ltd while no work has taken place on site since permission was granted. The wider DeTrafford group is not impacted by the administrations of the two companies.
According to a new document filed by BDO with Companies House, creditors were owed more than £40m when the businesses entered administration.
The largest creditors included Daiwa which was owed a total of £25.1m while Maslow was owed £11m - both via a cross guarantee.
However, BDO said only Daiwa is expected to receive any money back, an estimated £1.2m.
Unsecured creditors of DeTrafford (Regiment) Limited were also owed £7.2m while the unilateral notice holders were owed £2.1m.
Both companies are special purpose vehicles created for the development of residential apartment blocks in Manchester city centre known as Gallery Gardens.
They own two parcels of land at the former
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