UK housing company collapses – ‘part of group that owed £114m’ | UK | News
A UK housing firm has appointed administrators after spending years in receivership following the bankruptcy filing of its parent company, which owes £114 million. Kingsway SLG, the firm behind the Kingsway House housing development in Liverpool city centre, has entered receivership, the appointment of a receiver who will sell company assets to secure debt in 2022. It comes after parent company Signature Group filed for liquidation after being left owing creditors almost £114 million following the collapse of its smaller companies. Liverpool Echo reports.
Former bosses of the group known for turning historic buildings in Liverpool into popular hotels were declared bankrupt in 2024. Kingsway SLG officially appointed administrators Leonard Curtis on March 19, The Gazette reported.
Investors of the Kingsway House project, for which planning permission was granted in 2018, stated in January that they had not yet seen the return of their deposits.
Signature Group’s “fractional sale” model was reported to see investors put money into individual flats or bedrooms – but the collapse of this model left the Kingsway site unfinished for years.
Representatives of investors based around the world, including the US, Australia and South America, told the Echo the lack of updates on repayment timelines risked “damaging Liverpool’s reputation as a safe investment city”.
An email seen by the newspaper said: “This silence is no longer a matter of administrative delay; it is actively damaging Liverpool’s reputation as a safe investment city. “Developers overseas are now citing Kingsway House as a reason to look elsewhere.
“Any action taken will not only restore our capital but also reaffirm Liverpool’s promise as a reliable destination for global investment.”
One such investor, Juliet Ignatiev, 64, from Southport, said she had invested £31,000 in a flat at Kingsway House and planned to spend her winnings on a new life in Australia.
He added that he moved into a caravan in Devon in anticipation of the move, but endured “sleepless nights” wondering whether he would get his money back after the collapse of the parent company.
The UK Serious Fraud Office (SFO) launched an investigation into Signature Group in 2024, raiding three properties and arresting four people. The investigation is thought to be ongoing.
The Express has contacted Signature Group, Kingsway SLG executives and the SFO for comment.
