Numerous Signature Living firms have collapsed into administration over the last six weeks – some of these being behind hefty hotel projects.
The unprecedented coronavirus pandemic made already existing problems which caused delays to finishing the projects, even worse, making them unviable.
The latest of the group to collapse is Signature Living Coal Exchange Limited, the company behind the hotel at the historic Coal Exchange building in Cardiff.
The projects/companies which have had administrators appointed are outlined below:
The Shankly Hotel, dedicated to Liverpool Football Club legend, Bill Shankly, was the first to fall into administration, last month. Administrators from Duff & Phelps were appointed to Signature Shankly Ltd. They said they expected the hotel, being perhaps Signature’s best-known, to be open again for business once lockdown restrictions had lifted. No ‘’fire sale’’ was to be done for such a ‘’quality venue’’.
60 Old Hall Street, a project taken on by Signature Living in January 2016 fell into administration last month. This building was set to be complete by the end of 2016, yet to this day, is still unfinished as completion dates were continuously pushed back. Steve Williams and Philip Armstrong of FRP Advisory were appointed.
The same day as Williams and Armstrong were appointed to the development of 60 Old Hall Street, they were appointed as the administrators of the special-purpose vehicle behind Manchester’s Victoria Mill. Alike the scheme in Liverpool, they hope to finish the project as swiftly as possible. Currently, the part of Victoria Mill owned by Signature Victoria Mill Limited is in the process of being converted to 85 apartments across floors one to five. The ground floor is currently occupied by various divisions of the NHS.
The George Best Hotel in Belfast, ran by Bedford Hotel Limited, is still yet to be launched. It was put into administration just a few weeks ago. The hotel is still expected to launch later this year, with advance bookings and reservations ‘unaffected’, according to appointed administrators from Duff & Phelps.
Signature Living Coal Exchange Limited was put into the hands of administrators from Wilson Field, just this week. The Coal Exchange hotel had partially opened with around 90 rooms. There were plans for further renovations to open the hotel fully.
Despite the groups numerous administrations, administrators are sure that the wider Signature Living Group remains unaffected.