Merepark liquidates construction arm
A Merepark subsidiary delivering part of the Central Village development in Liverpool is being placed into voluntary liquidation.
Merepark Construction Ltd secured an initial £26m contract with a Merepark development company to refurbish the interior and exterior of the Lewis's Building having successfully completed the interior strip out of the nine-storey building.
Insolvency practitioner Begbies Traynor is advising the directors of Merepark Construction, where 10 staff were made redundant on Wednesday.
The Lewis's phase of the development is funded by the Co-operative Bank. The bank told Place it has not sought to take control of the scheme and the development remains in the ownership of Merepark. The owners are now in discussions with other contractors to discuss completion of the scheme.
According to accounts for the year to 29 February 2012 Merepark Construction's positive net asset position was dependent on £2m it was owed by Merepark Project Management LLP for work done.
The multi-storey car park at Central Village, prelet to Q-Park, has not opened despite practical completion earlier this year. An Adagio apart-hotel opened in the Lewis's building in March.
Lets hope it’s not been done to boost Mereparks profits to the detriment of the sub-contractors who no doubt will lose out!!
By Biily Bunter