Morley pays £68m to buy back Industrial North West

Following the sale of several projects, director Oliver Morley has managed to pay off debts owed to Fairfield Real Estate Finance, allowing him to take the company out of administration.

Fairfield provided Industrial North West with a £54m credit facility in 2018. This was extended to £61m the following year, according to administrator Moorfields Advisory. 

Later in 2019, the lender forced Industrial North West into administration after the developer “failed to comply with the conditions of the facility”, Moorfields said. 

In order to recoup cash for Fairfield, administrators sold several Industrial North West freehold and leasehold titles across the region for a combined £75m. 

These included the £45m freehold sale of a 27-acre site at Haydock Green to Warrington Council. The site houses a 373,000 sq ft unit let to healthcare services firm Movianto.  

In addition, administrators sold industrial units at Titan Works in Liverpool for £26.4m and Coopers Point – a 13-unit complex in Warrington – for £4.2m. 

The administration has now ended and Fairfield has been paid £67.7m, according to documents filed on Companies House. 

This brings to an end what Morley described as an “unfortunate and unnecessary interruption”.  

“I had always believed banks were there to support and facilitate business but unfortunately this has not been my experience in recent years,” he said. 

“I am delighted to have bought back the company and look forward to making a positive contribution to the economic prosperity of the North West region and the wider UK by delivering high-quality job-creating industrial and commercial developments,” Morley added. 

Morley now has his sights set on delivering his next project, a 137,000 sq ft industrial development at Haydock Green. 

It is estimated that the completed project could create up to 300 jobs. Subject to planning approval, work could begin later this year.