A hotel and apartment buildings group has entered administration after being hit by the industry ramifications from the Grenfell Tower disaster and a major fire near the then-called Liverpool Echo Arena.
The four companies, Artisan H1, The Ainscow Hotel, Greyday LLP and Artisan Group Facilities Management, hold a number of assets throughout Manchester including a former mill which has potential for redevelopment, a number of apartment buildings which were developed by the firms several years ago, and The Ainscow hotel in Salford, which employs 30 people.
Jimmy Saunders and Andrew Knowles, both of Kroll Advisory, have been appointed joint administrators.
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Mr Knowles said: "These appointments are subsequent to Kroll’s appointment to Artisan H (Kings Waterfront) Limited on 10 June 2021 which owns The Block on Liverpool Waterfront.
"This site comprises of two apartment buildings constructed in 2011. The Block was impacted by a major fire in December 2017, which destroyed a multi-storey car park adjoining The Block and the Liverpool Echo arena (as was).
"The subsequent remedial works to The Block and matters relating to the insurance claim and associated works have placed substantial pressure on the group, and The Block is still not fit for occupation with significant remedial works remaining.
"The group has also been impacted by the industry ramifications from the Grenfell Tower disaster, with several residential buildings owned by the group incorporating cladding to the facades.
"This has reduced the ability of the group to sell apartments, as is the case for third party leaseholders within the same buildings."
The joint administrators are currently trading the hotel as a going concern, with no disruption to trade.
Regarding the residential developments, the joint administrators are to sell the assets in a staged process with the initial focus on the buildings and apartments not impacted by cladding, and continued work with managing agents and professional consultants to resolve the impacted buildings.
In respect of The Block, the joint administrators are working with 'relevant stakeholders' in the hope that the remedial works can be completed.
