Alistair McAlinden and Blair Nimmo were appointed Joint Administrators of Newcastle Glassworks Limited (“NGL”), Newcastle Glassworks Management Limited (“NGML”) and Bricks K5 Capital Limited (“K5”) (together “the Group”) on 28 July 2022.
Via a leasehold structure, the Group operated student accommodation at the former Glassworks property in Coquet Street, Newcastle upon Tyne.
The appointment was made by the Group’s secured lender, following several years in which the Group had not serviced the secured debt.
An initial pre-pack transaction was completed by the Joint Administrators immediately upon appointment to two purchasing entities under the control of the ultimate owner of the secured lender. The purchasers have put in place arrangements to ensure the ongoing operation of the Glassworks student accommodation and will be contacting all student tenants directly.
The Group’s eight employees have all transferred to the purchasing entities.