A trio of companies behind a prominent Newcastle student accommodation site have been acquired out of administration.
Newcastle Glassworks Limited, Newcastle Glassworks Management Limited and Bricks K5 Capital Ltd - all part of the wider Hong Kong-based Bricks Capital group - developed and managed via a leasehold structure the 270-bed Glassworks property in the city's Ouseburn area. The three businesses were placed into administration at the behest of lender CIMC Leasing Transportation Ltd - also registered in Hong Kong - which acquired the property in a pre-pack deal.
Interpath Advisory, administrators of the firms, said the move had been prompted by "several years" in which the group had not serviced its debt. The most recent accounts for Newcastle Glassworks Limited show the company suffered losses of £3.49m in 2020, and that it was overdue repayment of a £9.77m loan facility.
