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Restructuring deal secures the jobs and future of 3 Albion Place Limited

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Our corporate recovery team have advised the administrators of Three Albion Place Limited which offers conference and events facilities and club membership services in Leeds under the 3 Albion Place and Club LS1 brands.

Our corporate recovery team have advised the administrators of Three Albion Place Limited which offers conference and events facilities and club membership services in Leeds under the 3 Albion Place and Club LS1 brands. Peter O’Hara and Simon Weir of O’Hara & Co are the administrators.

The administrators have successfully sold the conference, events and catering parts of the business, together with the 3 Albion Place brand, to a new company, Valleyfeature Limited, which is backed by a group of long term stakeholders in some of the businesses based at 3 Albion Place. In a separate deal, the club membership services operation has been purchased by Smartmanor Limited which owns the building at 3 Albion Place. No jobs have been lost as a consequence of the restructure and other businesses based at the property are unaffected.

Both purchasers have confirmed that as part of the deal they will honour all existing commitments to members and any events or functions previously booked with the company.

David Criddle, director of 3 Albion Place, commenting on the deal said: “I am delighted with the outcome of this arrangement. It brings some new management and other resources for the conference and events part of the business. Now that the core developments and the property have been completed, it also ensures that Club LS1 can continue to grow.” Joint administrator Peter O’Hara commented: “This is the best possible outcome in the circumstances, ensuring that the work of redeveloping the community at this historic institution is able to continue.”

The administrators were advised by legal firm Clarion in Leeds.

 -ENDS –

For further press information, please contact: Susan Reid on (01423) 56 99 99 or susan@appealpr.com