Fri, 10 Jun 2016 | COMMERCIAL PROPERTY
Property developer Mar City Developments Ltd (MCDL), which owns the freehold of several commercial buildings in Birmingham, has been placed into administration.
Its owners Tony and Maggie Ryan exited their roles as director of Mar City plc in December 2015, but remained majority stakeholders.
MCDL is now in the hands of joint administrators Shay Bannon and Sarah Rayment of BDO, who came in to handle matters on 24 May 2016. The company has now ceased trading and all three workers have lost their jobs. The administrators will bring in agents to market the property assets for the company, which include several commercial buildings in Birmingham and development sites in the Midlands.
MCDL's subsidiaries — South Staffs Group Ltd and Terngate Ltd — are not affected. Mar City plc, Mar City Homes Ltd and Mar City Land Ltd are likewise unaffected by the administration, and are owned and managed separately.
The company revealed last year that MCDL owed Mar City Homes £19.5 million. Mar City planned to review the situation to pinpoint the true amount owed by MCDL.
Mar City Homes was shortlisted in two categories at the RESI Awards 2015, and also in four categories in the RICS Awards 2015, partly for its work on The Malt House, a Grade II-listed building in Lichfield.
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