Administrators appointed to Signature Living hotel company resign

The administrators appointed to the company behind one of Signature Living's hotels have resigned.

Kelly Burton and Lisa Jane Hogg of Wilson Field were appointed as joint administrators of Signature Living Coal Exchange Ltd – the company behind the Liverpool group's Cardiff hotel scheme – in May.

The hotel is one of a number of the wider Signature Living group's to fall into administration in recent weeks, including several in Liverpool.

But today it has been announced that the administrators have resigned, stating that the 'holding costs' associated with the hotel have been 'withdrawn.'

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Responding today, Signature Living said it has not been involved with the Cardiff hotel since the administrators came in – and says those appointed were not interested in working to bring it out of administration.

A statement from Wilson Field said: "Kelly Burton and Lisa Hogg have resigned from their position as Joint Administrators of the Company and the Administration has now ended.

"The former Joint Administrators resigned from their position due to funding for the holdings costs associated to the Company’s principal asset, namely the Exchange Hotel in Cardiff (“the Hotel”), being withdrawn.

"This meant that the former Joint Administrators would be unable to achieve the statutory purpose of Administration."

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It added: "The former Joint Administrators have made every endeavour to achieve a sale of the Hotel and this is reflected in the huge amount of time they and their team have spent on the case.

"The decision to vacate office was not taken lightly and it is with regret that a better outcome could not be achieved for the Company’s creditors.

"That being said, we are hopeful the Official Receiver or any subsequent Liquidator will be able to achieve a better result for the Company’s creditors.

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"With regards to further investigation work, we will make every effort to assist the subsequent office holder with their investigations into the Company’s insolvency."

The firm said the joint administrators have had 'no involvement' with regards to the reopening of the Cardiff hotel or an application for a licence to sell alcohol.

Signature Living said it has had no involvement with the Coal Exchange since it went into administration on May 6.

The group said it is working with a different firm, Duff and Phelps, to move a number of hotels – including Liverpool's Shankly Hotel – out of administration, but that Wilson Field were not interested in this idea.

A Signature Living spokesperson said: "Signature Living have not been involved with Cardiff from the moment the Exchange hotel went into administration on May 6th 2020.

"Unlike Duff and Phelps, who are working closely with Signature Living on a strategy to move numerous hotels out of administration, the administrators in Cardiff did not wish to explore this possibility."

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