How firm behind luxury city centre apartment plans collapsed as it still owes over £50 MILLION
manchestereveningnews.co.ukA company behind a planned luxury apartments development in Castlefield owed over £50m as it entered administration. Property group DeTrafford had been aiming to build 419 flats on land in Ellesmere Street as well as space for commercial and leisure facilities.
It set up a special purpose vehicle (SPV) to manage the project, De Trafford No1 Castlefield Limited, which would have been known as No1 Castlefield.
However, the SPV entered administration at the end of May with Rick Harrison and Howard Smith from Interpath Advisory being appointed to oversee the process after it suffered a series of financial setbacks. Try MEN Premium for FREE by clicking here for no ads, fun puzzles and brilliant new features. Now, a newly-filed document with Companies House has outlined how the business collapsed and how much it owed to its creditors when it entered administration.
DeTrafford No1 Castlefield Ltd was incorporated in May 2016 to act as a special purchase vehicle through which the acquisition of land in Ellesmere Street, Manchester, could be completed.
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