The company ran into financial difficulties earlier this year
Simon Campbell and Carl Jackson of business advisory firm Quantuma have been appointed as joint administrators of QED Developments.
Founded in 2013, QED Developments is a building contractor with headquarters in Wolverhampton, focussed on the development and letting of the former Sunbeam Factory on Paul St. The project envisaged 115 mixed use residential units and is c.70 per cent complete.
The company ran into financial difficulties earlier this year due to cost over-runs and funding challenges. The business has an annual turnover in excess of £350k from the completed units.
As QED Developments does not employ any staff, there will be no redundancies made as a result of the administration.
Business advisory firm Quantuma was appointed administrators to the business on 12 November. The process is being led by Quantuma Managing Partner Carl Jackson and Director Simon Campbell.
Simon Campbell, Joint Administrator at Quantuma, said: “The business has experienced cash flow difficulties as a result of the complex building project. As a result, we have been appointed administrators to the business, and will conduct a thorough review of the circumstances and options for building out the property, ensuring we achieve the best possible outcome for creditors. This is an ambitious and attractive project in a land-mark location which has every chance of success once it has been stabilised.”
Rebecca Thomas, MC2
0161 236 1352
Notes to Editors
Quantuma is a leading business advisory firm which works with businesses at the key milestones, delivering partner led solutions to help clients take advantage of opportunities and overcome a range of operational and financial challenges, enabling them to achieve their business objectives and ambitions. Offices in London, Southampton, Marlow, Watford, Brighton, Eastbourne, Birmingham, Bristol, Manchester, Ringwood and Weymouth. In July 2018, the firm opened two international offices in Cyprus (Nicosia and Paphos).