THE company which developed the former Warwick House department store in Malvern has gone into liquidation, owing £1m.

The company, Warwick House Investments Ltd, was voluntarily wound up at a meeting held in Worcester on Wednesday (November 12). MB Insolvency of 22 The Tything, Worcester, has been appointed liquidator.

Among the company's creditors are two Malvern estate agents, owed £11,770 and £1,150, and a locally-based building firm, owed £117,755.

Warwick House Investments Ltd was incorporated in 1993 by Richard Webb and a colleague in 1993 to buy and run the Warwick House shop.

After the department store shut its doors, the company was left with the property on Wells Road, and decided to convert it into flats.

The rebuilding work started in 2000 and did not finish until October this year, when the final apartment was finished and sold. Along the way, the company encountered problems with the building's foundations, which pushed up costs.

Despite the liquidation, residents of flats in Warwick House do not have to worry, says Roger Barter of Philip Laney and Jolly, which was the managing agent for the property.

He said yesterday (Thursday): "A new management company will be set up to handle the affairs of Warwick House, and all monies belonging to Warwick House are safely secured in client accounts. We hope to continue managing Warwick House with the new company." He added that the property is fully insured until next September.

Mr Webb could not be contacted yesterday for comment


See Original Article

Call now for help with corporate debts.

Call us on: 0800 071 1616

Email us on: info@debtsgone.co.uk

Website: www.debtsgone.co.uk