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Signature Living Hotel group collapses into administration owing £113m
Lawrence Kenwright's property group is expected to be dissolved by administrators as it struggles with £113million worth of debt, putting hundreds of jobs at risk
Image: Shankly Hotel Liverpool)
Signature Living, owner of 60 hotels, residential developments and other ventures, has collapsed into administration.
The company runs hotels in Liverpool, Cardiff and Belfast.
A new report published by the appointed administrators has laid bare the scale of the problems at the company, with creditors owed an estimated £113,331,594, the Liverpool Echo reports.
Matthew Ingram and Michael Lennon, of Duff & Phelps, are joint administrators of the parent company and two other group companies - including the Shankly Hotel company, which is also in administration.
They believe that a going concern sale of the company is now unlikely as there are "insufficient funds and assets available to enable the company to be rescued".
Image:
Shankly Hotel Liverpool)The report adds: "Despite the Group's significant property interests, the level of secured and unsecured indebtedness to which the Company is directly and indirectly liable for significantly outweighs the initial expectations of the value of the Company's direct and indirect assets."
The administrators anticipate that 'the Company will be dissolved once all outstanding matters of the administration have been dealt with.'
Signature Living was founded by Lawrence Kenwright and his wife Katie.
The coronavirus lockdown has undoubtedly impacted Signature Living, but its problems were well documented before the pandemic - with Kenwright putting his two most famous hotels - The Shankly and 30 James Street - up for sale in May last year.
But the sales never happened and the joint administrators were appointed in April.
The report reveals that during their investigations into the company, the administrators found that shares in both the parent company and all of the subsidiary companies had been transferred to a new legal entity that had been set up by the director, Lawrence Kenwright to form the new parent company of the wider Signature group.
The report explains: "After discussions with the Director and following legal and tax advice, these transfers were reversed and the Company has resumed its role as the ultimate shareholder of the wider group."
The first of the Signature Living groups to fall into administration was the Shankly Hotel, which collapsed on April 16, just weeks after the nationwide lockdown was announced.
This has been followed by the individual companies covering hotels like 30 James Street in Liverpool, the Coal Exchange in Cardiff and Belfast's George Best Hotel as well as residential developments like 60 Old Hall Street in Liverpool.
These assets are now being handled by a range of different administrators.
In terms of creditors and investors and the money they are owed, the administrators believe their plans will provide a 'better result' that would be likely if the company was wound up.
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Source: https://www.mirror.co.uk/money/breaking-signature-living-parent-company-22276733
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