Another company from within the Liverpool-based Signature Living property group has gone into administration.
Last week we reported that one of the most well known hotels in Liverpool, Signature Living's Shankly Hotel had gone into administration, with financial firm Duff & Phelps appointed.
Part of the firm's remit is to investigate how investor money has been spent by the company.
Now we can confirm the same firm has been appointed for another of the group's companies, called Signature Living Hotel Limited (The Company).
The Company holds various freehold and leasehold interests of the wider Signature Living Group which includes the building from which the Shankly Hotel trades.
The Company also provides corporate guarantees to various secured and unsecured creditors of the Group including the various bedroom investors.
The original Shankly administration move came after an application from a creditor firm, Henslow Trading Limited.
Today Michael Lennon, of Duff & Phelps, stated: “The steps taken by Henslow Trading Limited to protect its investment in the Signature Shankly Limited has necessitated a need to appoint the joint administrators to protect the freehold interest in Millennium House (the Shankly Hotel building).”
Upon appointment, the joint administrators are also carrying out a full review of the Signature Living Hotel Limited Company’s interest and will write to creditors in due course.
Mr Lennon added: “The trading operations of the Signature Living Group are unaffected by the various administrations and we understand that all trading will recommence at the earliest opportunity.“
The ECHO has been reporting on the frustrations and worries of Signature Living investors for months, with many fearing that they may never get the money they have invested back.
Earlier this week, Duff & Phelps administrator Mike Lennon said his team will be looking at these issues.
He said: “We are aware that a number of the bedroom investors have become concerned in recent months that monies due to them have not been paid despite assurances from the company.
"The company is part of a wider group of companies and understanding how funds flow around the group will be central to our investigations.
Duff & Phelps have said that they expect the hotel to open again for business when lockdown restrictions are lifted.
Due to the impact of Covid-19 on the Administration, the administrators have asked for all enquiries to be directed to Signaturelivinghotel@DuffandPhelps.com in the first instance.
