Elliot Group has put three stalled schemes in Manchester and Liverpool into administration after failing to secure funding as a police probe into the company’s founder continues.
Administrators Paul Cooper and David Rubin of David Rubin & Partners have been brought in to place the Aura, Infinity (pictured) and Residence schemes into administration.
Work on the three schemes, which are currently under construction, stopped in February following the arrest of the company’s founder, Elliot Lawless, in December last year on suspicion of conspiracy to defraud, bribery and corruption. Lawless has denied any wrongdoing.
Lawless said that an unnamed developer – which EG revealed was Vermont – was in talks to take over the projects earlier this month.
Lawless said if these talks fell through, or investors did not sign off the appointment, then the schemes would have to be put into administration.
“We have explored every option available, but in light of the investigation, existing investors were cautious about backing the projects to their conclusion,” said Lawless.
“As we enter the administration process, we will continue to work proactively with investors to explore how we can help them crystallise their investments and get the projects completed.
“They are good schemes in great locations and I want to see them through. We have delivered 100% of all our schemes in the past and I am intent on maintaining that track record.”
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