Thu, 25 Nov 2010 | BUSINESS NEWS
A Staffordshire-based property company has filed for administration following serious financial difficulties.
Regent Properties (Staffordshire) - which is registered to accountants UHY Hacker Young's Manchester address - owns four forests in North Wales, along with residential property, commercial land, a private cemetery and several buildings in Stoke-on-Trent.
The Welsh forests offer the potential for 'logging and peat extraction,' according to the administrators, the Manchester office of business advisory firm Deloitte LLP.
Bill Dawson and Ian Brown of Deloitte have announced that they are currently in discussions with Regent's directors, who, according to the most recent papers filed at Companies House, are Stephen Shemilt of Stoke and Robin Bagnall of Newcastle-under-Lyme.
The joint administrators and the directors will work together to dispose of the assets owned by Regent Properties.
Mr Dawson said, “We are working with the company’s directors to assess the assets of the business and market them for sale to maximise returns for creditors.
“We will carry out the appropriate duties to ensure that the properties and land are maintained whilst working to find purchasers,” he added.
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