The business advisory firm's Managing Partner Carl Jackson and Director Simon Campbell will lead the process after the company's appointment on 12 November.
Wolverhampton-based QED Developments is a building contractor focused on the development and letting of the former Sunbeam Factory on Paul St. The project envisaged 115 mixed use residential units and is around 70 per cent complete.
-- Advertisement --
The company went into administration earlier this year due to cost over-runs and funding challenges. The business has an annual turnover in excess of £350k from the completed units.
As QED Developments does not employ any staff, there will be no redundancies made as a result of the administration.
Simon Campbell, Joint Administrator at Quantuma, said: "The business has experienced cash flow difficulties as a result of the complex building project. As a result, we have been appointed administrators to the business, and will conduct a thorough review of the circumstances and options for building out the property, ensuring we achieve the best possible outcome for creditors. This is an ambitious and attractive project in a land-mark location which has every chance of success once it has been stabilised."
(CM/MH)
