Collapsed property developer High Street Group has been wound up and is in the process of being liquidated, it has been confirmed. The failed company was wound up earlier this month and the Official Receiver has now been appointed as liquidator. It comes in the wake of administrators saying they could do no more in their attempts to claw back money for creditors, which include household investors who put £123m into the company on the promise of high interest returns.
High Street Group was behind the development of Newcastle's tallest building, Hadrian Tower, among a host of other projects in the North East and elsewhere in the UK. But the firm was placed into administration in 2021, and subsequent work by administrators uncovered an estimated £200m of debts. Insolvency specialists said the business had struggled to cope when a significant number of loan note holders - many private investors using their own savings - had requested to redeem their investments early.
Administrators said recently that realisations were unlikely and that winding up was the only way forward. They had hoped that Hadrian Real Estate - a company that was once part of High Street Group but took control of some properties and incomplete projects following the group's collapse - could provide returns to investors. But in a recent filing it was shown the firm's director had provided updates which suggested that if there was to be any recovery, it would likely take several years.
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