Nmcn goes into administration
Nmcn is going into administration after the board decided the contractor is no longer able to continue trading as a going concern.
A notice of intention to appoint Grant Thornton UK LLP as administrators has now been filed with the courts.
The company was in the middle of a protracted £24m refinancing deal with Svella plc which was being held-up by the late publication of nmcn’s latest results for last year.
A statement said: “The Board, its advisers and Svella have worked tirelessly in the intervening period. However, as previously notified, completing the preparation of the group’s accounts has revealed further underlying contractual issues with expected losses rising to £43 million.
“It has now become apparent that the company will be unable to approve the audited financial statements in a timely manner to allow the Proposed Transaction to complete within the required timeframe.
“This in turn has led to significant liquidity issues for the Group and particularly the company, which unfortunately is now considered to no longer be able to continue trading as a going concern.”
The Enquirer understands that rival firms were being offered parts of the business over the weekend.
Nmcn said: “Indicative offers have been received from certain parties for the acquisition of certain of the trading operations and/or subsidiaries of the company on a going concern basis, and discussions are ongoing with further parties which may lead to indicative offers on a similar basis.
“Following discussions with its advisers, it is expected that this process will be conducted out of administration, to safeguard the continuity of operations and employment, and consequently the consideration receivable by the company is unlikely to result in any value for equity shareholders.
“The board of nmcn wishes to thank all of its shareholders, customers and suppliers for their support over the years and particularly Svella and those who had intended to participate in the equity subscription that formed part of the Proposed Transaction, which has had to be cancelled.
“Further announcements will be made by the company as appropriate.”
Did you miss our previous article…
https://www.arizonasolarsociety.com/?p=779
Green light for £31m Leeds Victorian school conversion
Leeds-based developer Priestley Homes has been granted planning permission to transform a Grade-II listed former Victorian school in the city centre into an apartment and commercial scheme.
The 2 Great George Street building will be renovated into 34 one-bedroom, 43 two-bedroom and six three-bedroom apartments – including the city’s first £1million-plus penthouses.
A new-build, three storey glazed extension will be added to the rooftop of the building alongside a communal roof-top garden and winter terrace.
New ground-floor office accommodation will be sub-divided into several units, providing 815m2 in high-quality workspaces for Leeds businesses.
The developer’s contracting arm Priestley Construction has started the initial strip-out of the building with the aim to complete in Q1 2023.
Nathan Priestley, chief executive officer of the Priestley Group, said: “As a Leeds-based business, it’s a privilege to be able to transform one of the city centre’s most ornate historical landmarks and bring it back into use as beautiful new homes and high-specification workspaces.
“Our strong reputation speaks for itself when breathing new life into heritage buildings and we can’t wait to make these ambitious plans a reality.
“Most of the development in Leeds city centre is allocated to student housing and PRS schemes. We believe there is a huge shortage of truly magnificent homes for owner-occupiers that give a taste of individuality and elegance; something that we will set out to deliver at 2 Great George Street.”
Did you miss our previous article…
https://www.arizonasolarsociety.com/?p=773
The Homebuilding Juggernaut Keeps on Rolling in U.S. and Canada
U.S. Housing Starts Stay Elevated
Construction activity in the United States is currently being sustained almost exclusively by residential work. Year to date through August, the put-in-place capital spending figures from the Census Bureau show the residential dollar volume to be +25.8% compared with Jan-Aug 2020 and nonresidential to be -6.7%. The grand total is +7.0%.
Did you miss our previous article…
https://www.arizonasolarsociety.com/?p=769