The scheme, which was a redevelopment of the town’s former Crown Theatre into one, two, and three-bedroom apartments, had stopped last year when the developers went into administration. A group of investors who had already put money into the scheme took the decision to purchase the development from the administrators in order to protect their investment.
Farleys worked alongside Cowgill Holloway Business Recovery LLP to achieve the sale.
Mark Hague of Farleys insolvency department commented,
“This transaction has seen the investors retain an interest in the building that they invested in which will see them benefit once the building is complete. It will mean that their investments are not lost which is fantastic news and we wish them all the best with the development going forwards.”
Jimmy Fish at Cowgills commented,
“It was great to work on this transaction with Mark Hague and Stephen Greenwood at Farleys and it has seen a great return for investors who at one stage faced potentially losing their investment once the company entered administration.”
If you are looking for legal advice on the sale or purchase of commercial property or insolvency matters, please get in touch with Farleys Solicitors today by calling 0333 331 4463, completing our online contact form or speaking to us through our online chat below.