CEG goes into administration
Following a recent shareholder dispute, Commercial Estates Group filed papers on 10 October as part of its management team move on to form a new company.
Managing director Matt Farrell spoke to Place Yorkshire to confirm that CEG is a management company and doesn’t own its development sites, meaning they will remain unaffected.
Meanwhile, RPG was incorporated at Companies House on 17 July and lists CEG managing director Matt Farrell and chairman Gerard Versteegh as directors, with former CEG management members Tom Gaynor, Antonia Martin Wright, and Jon Allen also involved.
A spokesperson confirmed that RPG has bought some of CEG’s assets.
Around six acres of land around Marshall’s Mill plot is currently listed by Savills for a guide price of £21m.
KRE Corporate Recovery has been appointed to oversee the administration process.
Staff were informed via email on 13 October and it is understood some have been given new contracts and that what remains of the Leeds office will relocate to Harrogate.
Farrell could not confirm the number of staff that will be made redundant.
A spokesperson said: “The entity Commercial Estates Group Limited has gone into administration. CEG is an entity which provides management services to client companies and does not own any property assets.
“The property-owning entities managed by CEG are unaffected.”
Kirkstall Forge is a £600m, 56-acre site to the north west of Leeds city centre that has already delivered commercial space in the form of its Number One office development and is due to turn its attention to the residential section of the site, alongside Banks Homes.
Temple District is a key part of the South Bank regeneration area of Leeds adjacent to Leeds Railway Station and includes 8.69 acres around Water Lane and Globe Road, as well as the historic grade one-listed Temple Mill, which was acquired by CEG in early 2018.
its a tax right off- they owe 3 or 4 mill in unpayed taxes.
By Anonymous
Tha’ building is narrower than a cricket bat lol
By Tyke
Being on the receiving end of this as one of many people not included in the ‘new company’ is saddens me to read this. It has become clear this was all planned albeit not as covertly as some may think. We were told one thing and now see that we have been lied to and those suppliers due money are also out on a limb.
For an organisation who claims to be so invested in Leeds they are happy to make so many redundant and hand the bill to the tax payer.
By Anonymous
Corruption at its best .dishonest and no empathy towards redundant ex colleagues.
By Anonymous
So the ‘new’ company has enough money to buy out its own assets but not foot the salary or tax bill?
By Anonymous
There is a fundamental flaw in the system that allows directors to falsely bankrupt the company whilst setting up in the background. How they can look people in the eye knowing they are putting them out of work is beyond me.
By Anonymous
At least Banks’ are taking over part of what CEG are leaving behind. They’ll turn it around.
It’s quite shocking dromedary CEG and it’s c-suits. Someone should report them to the ombudsman and the new Bad Business Task force Labour in Westminster are setting up.
These frauds and opportunistic tax avoiders at CEG mote be stuck off Companies House and banned from operating at C-Suit or Director or Upper Managment level.
It’s bad Crony Capitalism like this that gets the Socialists and Communists going mental with free ammunition to tarnish all developers with negativity and hate.
Doylems.
By Tyke
No one was actually paid any redundancy – they avoided that option so must have been cheaper to pay an insolvency company than pay redundancy and notice to their staff.
By Anonymous
Unlucky guys
By Paul G
From the ashes rose RPG.
By Anonymous