Investar Developments enters administration
Receivers were brought in to sell two of the company’s stalled projects last year. Now, Quantuma has been appointed as administrator of the group’s development arm.
Projects in Stockport and Old Trafford totalling almost 600 homes are currently being marketed for sale by Savills after Investar, headed up by sole-director Michael Dong, found itself in financial difficulties last year.
Last week, the company’s woes continued. A notice filed with London Gazette states that Quantuma has been appointed as administrator over Investar Developments.
Earlier this month, lender KHK Capital, which holds two charges over the business registered last September, had appointed RSM as receiver in a bid to claw back what it is owed.
Quantuma and Investar were contacted for comment.
Shawbrook Bank appointed Savills to sell sites in Stockport and Trafford last year after the developer fell behind on loan repayments.
The Investar vehicles behind the 442-apartment Royal George Village scheme in Stockport and the 149-home Botanical Gardens development on Talbot Road in Old Trafford took out loans from Shawbrook in 2021. Since then, the projects have struggled to progress.
Shawbrook also holds an outstanding charge over Investar Developments, registered in 2019.
In total, there are nine outstanding charges registered against Investar Developments, according to Companies House.