Quantuma oversees deal to rescue Liverpool Docks project

Consulting firm Quantuma has completed a deal to rescue a development project which will create more than 100 luxury apartments in the Liverpool Docks area. The corporate turnaround specialists completed on a restructuring deal for the Herculaneum Quay refurbishment project, which now has an expected completion date within the next 12-18 months.

Quantuma is 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. The firm has offices in London, Southampton, Marlow, Watford, Brighton, Birmingham, Bristol, Manchester, Ringwood and Weymouth, and has been engaged in a flurry of corporate rescue projects over the course of 2019.

The firm was appointed the administrator for Manor House School following the private educational facility’s acrimonious closure, as well as advising on the sale of home products company Apple Panels, which traded as Apple Home Improvements, to conservatory and door supplier County Windows. Recently, Quantuma also completed a restructuring deal for the Xchange House refurbishment project, following the administration of developer Pinnacle.

Now, Quantuma has completed a restructuring deal for the Herculaneum Quay refurbishment project, following the administration of its developer, Herculaneumco, in 2018. Quantuma was appointed administrators of Herculaneumco 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.

The restructuring deal will see the project successfully refinanced, and safeguards the development of 119 luxury apartments in a 16-storey complex on the banks of the River 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.

Commenting on the news, 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.”