Simon Campbell and Carl Jackson of business advisory firm Quantuma confirmed they had been appointed as joint administrators of QED Developments.
Founded in 2013, QED Developments has its headquarters in Wolverhampton, and was focused on the development and letting of the former Sunbeam Factory on Paul Street. The factory was the site for numerous manufacturers and produced Sir Malcolm Campbell’s “Bluebird” Sunbeam car which set a world speed record in 1924. The site has been derelict since 1997.
The project included the development of 115 mixed use residential units and is roughly 70% complete.
QED Developments ran into financial difficulties earlier this year due to cost overruns and funding challenges. The business has an annual turnover in excess of £350k from the completed units. As QED Developments does not employ any staff, there will be no redundancies made as a result of the administration.
Business advisory firm Quantuma was appointed administrators to the business on 12 November. The process is being led by Quantuma managing partner Carl Jackson and director Simon Campbell.
Campbell said: “The business has experienced cash flow difficulties as a result of the complex building project. As a result, we have been appointed administrators to the business, and will conduct a thorough review of the circumstances and options for building out the property, ensuring we achieve the best possible outcome for creditors.
“This is an ambitious and attractive project in a landmark location which has every chance of success once it has been stabilised.”