Collapsed Newcastle property company High Street Group is finally set to be liquidated, leaving private investors millions of pounds out of pocket. The developer, known for its flagship Hadrian Tower site in Newcastle city centre , has been wound up and the Official Receiver appointed as a liquidator. It draws to an end several years of efforts by administrators to recoup £123m owed to private investors, many of whom had put their own savings into the firm on the promise of high returns.
Last month, insolvency specialists handling the group's affairs said there was nothing more that could be done to realise money owed to loan note holders, and creditors of the business who are owed an additional £87.7m. They had turned to Hadrian Real Estate, a company which assumed control of High Street Group properties and projects, in the hope it could generate returns for investors, but investigations have pointed to that being unlikely for several years.
Read more: North East mayor demands Tyne and Wear Metro improvement and answers on delayed new fleet Keep up to date with all the latest breaking news and top stories from the North East with our free newsletter High Street Group had suffered financial difficulties and delays to construction projects during the pandemic, with one of its subsidiaries being placed into administration in 2019 after failing to repay an overseas lender. Administrators said it had struggled to handle requests from a large number of small loan note holders f.