Managing directors and Insolvency Practitioners, Simon Campbell and Kelly Mitchell from the Southampton office of business advisory firm Quantuma, were appointed as Joint Administrators for Coventry-based property business, Innovative Retail Development Limited, on 7 August 2024.
Based in Coventry, Innovative Retail Development was established in 2019. The company holds the long leasehold for Riley Square, a retail centre in Coventry, above which sits a large amount of social housing. The lease was granted by Coventry City Council with obligations to invest in a refurbishment and renewal programme for the site and local community. The company failed to follow up on this, for reasons presently unknown.
A secured creditor of the company ran out of patience with the borrower and joint administrators from Quantuma were then appointed to protect their position. Innovative Retail Development did not have any employees, so no jobs have been affected. Managers of the site remain in place.
Quantuma managing director Simon Campbell said:
“It is deeply regrettable that Innovative Retail Development has been forced into an insolvency process as a temporary protective measure. As Joint Administrators, our immediate priorities have been to control rental income, to understand the balance of interests between secured creditors and Coventry City Council, to deliver a practical solution for the community and to maximise medium term value for creditors.”
