Administrators appoint agents to sell Elliot projects
Paul Cooper and David Rubin, the joint administrators on three of the developer’s stalled schemes, have appointed Lambert Smith Hampton and Pantera to market and sell Elliot Group’s sites.
According to David Rubin, representatives from LSH and Pantera are currently assessing Aura and Infinity in Liverpool, and The Residence in Manchester, and will have a brochure ready in the coming weeks.
Yesterday, the joint administrators announced plans for the schemes and said that they were “optimistic” a rapid completion process will be implemented.
“There are multiple stakeholders here and our team will shortly be in contact with all relevant parties to provide an update and inform them of the next steps to be taken by the joint administrators.”
Cooper and Rubin were announced as the joint administrators on 13 March after Elliot Group failed to raised necessary funds amid a police investigation into the developer’s founder, Elliot Lawless.
Lawless obtained a judicial review of his arrest before Christmas on suspicions of fraud, and a subsequent police search of his home.
“The police action in searching my home and office last December is now the subject of a claim for judicial review which I have brought before the High Court in London. An expedited hearing was ordered last week,” Elliot Lawless said in a statement.
Lawless, who denies fraud allegations against him and Nick Kavanagh, the head of regeneration at Liverpool City Council, said his company Elliot Group has “explored every option available, but in light of the investigation, existing investors were cautious about backing the projects to their conclusion”.
The appointment of administrators followed the announcement that developer-contractor Vermont Group was in talks to take over development of the stalled £100m Aura scheme in Liverpool, which have since fallen through. Vermont was previously on site as main contractor for the 1,000 bedroom student development at the edge of Liverpool’s Knowledge Quarter.
Lawless said: “As we enter the administration process, we’ll continue to work proactively with investors to explore how we can help them crystallise their investments and get the projects completed.
“They are good schemes in great locations, and I want to see them through. We’ve delivered 100% of all our schemes in the past and I am intent on maintaining that track record.”
