Herculaneum Quay refurbishment project
Business advisory firm Quantuma has completed on a restructuring deal for the Herculaneum Quay refurbishment project, following the administration of its developer, Herculaneumco Limited, last year.
The restructuring and refinancing deal safeguards the development, a project to build 119 luxury apartments over 16 storeys on the banks of the Mersey. The deal transfers the long leasehold into a new Special Purpose Vehicle (SPV) controlled by the original investors, allowing them to appoint new developers to complete the project, with completion expected within the next 12-18 months.
Quantuma was appointed administrators of Herculaneumco Limited after the development company ran out of funds in 2018. The firm worked with investors, lenders and the landlord to negotiate a sustainable deal to restructure and refinance the project.
On average, investors had placed between 50 and 80 per cent of the sales value as a deposit in the scheme, which they had stood to lose had the development been subject to a forced sale.
Simon Campbell, Joint Administrator and Director at Quantuma, said: “This deal has been delayed due to the complexity of drawing together the interests of the landlord, secured creditors and over 100 investors. Importantly, investors now have control over the development and have the prospect of achieving a fully-refurbished property as originally intended.
“Our team has worked tirelessly to rebuild the trust of all stakeholders, and I would like to thank the many professionals who came together to drive this deal through to completion. We should see development work re-commence shortly.”
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, Birmingham, Bristol, Manchester, Ringwood and Weymouth. In July 2018, the firm opened two international offices in Cyprus (Nicosia and Paphos).