Mazars has been appointed administrators of Mount Group Student Natex Limited, which owns part-built accommodation blocks being constructed between Norton Street and Fraser Street in Liverpool.
The administration is only in respect of Mount Group Student Natex Limited, and does not relate to any other companies in the wider Mount Group.
Upon completion, the £45m development – on the site of Liverpool’s old National Express bus station – should have 574 student beds across cluster rooms and studios, as well as communal areas and a gym.
Joint administrator Patrick Lannagan said: “The administrators are presently assessing the financial position of the company with a view to determining the optimal strategy for the completion of the development.
“The company’s financial position has been adversely affected by delays and increased costs resulting from, among other factors, the Covid-19 pandemic and supply chain issues associated with the pandemic and Brexit.”
The Natex scheme topped out in January 2021, with Barton Group Services as management contractor and Mount Construction as the main contractor. It was supposed to be finished in July and open last month for the start of the new university year.
Mount Construction has now stopped work on the project.
When the 16-storey blocked topped out last January, Mount managing director Michael Chrysokhou said: “Whilst a challenge, the past year has proven how resilient both the construction and student market is, so I’m delighted to start the new year with such positive news and we look forward to entering the final stages of completion and opening the doors to our student customers for the next academic year.”
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