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Great Northern Hotel creditors to attend meeting
CREDITORS of the troubled company which has closed Peterborough's Great Northern Hotel will get the chance to lay claim to what they are owed at a meeting at the end of July.
CREDITORS of the troubled company which has closed Peterborough's Great Northern Hotel will get the chance to lay claim to what they are owed at a meeting at the end of July.The insolvency practitioners brought in by Cre8 (UK) Ltd – which has run the hotel since April – confirmed today that the company is insolvent and they are following procedures to put it into voluntary liquidation.
Matters should be resolved on July 28.
Carter Clark associate Alistair Whipps said: "We have been instructed by the director of the company to convene a meeting of members (shareholders) and creditors in order to place the company into liquidation.
"It is not in liquidation yet, and will not be until July 28, as we have to give 21 days' notice to shareholders."
"On that day, a meeting of shareholders will take place and will be followed by the meeting of creditors."
That meeting will take place at the Park Inn Hotel, Southanpton Row, London, and a liquidator will be appointed.
Mr Whipps could not give specifics of the extent of the debts, as he was still awaiting all creditors to make their claims, but confirmed the company – of which former Posh player Lee Power is the only director – is "most definitely insolvent".
Your comments on the Great Northern from Peterboroughtoday.co.uk
WHAT a complete and utter shambles. The council has well and truly
taken its eye off the ball over this – perhaps it just wants the Great Northern knocked down anyway.
RUBYGIRL
Peterborough
PRIVAT Eenterprise and capitalists have messed this up, destroyed the
gardens and sacked the staff.
How about public ownership to go along with the East Coast rail operation.
HONEST PETERBORIAN
THE council tried, and failed, to buy the hotel. It does not have any connection with the winner bidder. As the local planning authority, it obviously has responsibility for ensuring that buildings/gardens aren't knocked down/damaged for no reason, but it can't possibly be expected to watch every building.
SIR DIGBY CHICKEN CAESAR
I'm guessing someone had a business plan?
TWINK
What do you think?
Comment below, email us: news@ peterboroughtoday.co.uk or write us a letter now.
However, while substantial, it believed that the debts of the company – which as well as running the hotel business at the Great Northern in Station Approach has been involved in desktop publishing for some years – do not amount to "millions of pounds".
The collapse of Power's Oxford-based company does, however, leave the future of the hotel uncertain.
It is owned by Renelson Investments Ltd, a Swiss-registered company, who paid about 3 million for the building earlier this year after Peter Boizot's Mistvalley Ltd went into administration, with a view to investing in the property and growing the business.
It is currently undergoing what appears to be substantial renovation and The Evening Telegraph has previously reported it will be closed for more than six weeks for that work to be completed.
Previously, Mr Power had spoken of elaborate refurbishment plans to convert the Victorialn building to a smart boutique hotel – the city's key destination for young professionals.
That closure saw hotel staff laid of on July 1 – the day before a letter was drafted to them from their employer Cre8 (UK) Ltd announcing its insolvency and its intention to go into voluntary liquidation – a move which cost them their jobs.
Mr Whipps said all workers affected had received letters and booklets detailing their entitlements to redundancy payments under current Government legislation and returned paperwork would be processed through the normal channels once the company was in liquidation.
It is not known if Renelson – effectively Cre8 (UK) Ltd's landlord – is a creditor, or who will run the hotel when it re-opens for business.
Carter Clark can be contacted at Meridian House, 62 Station Road, North Chingford, London, E4 7BA.
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