PwC appointed as liquidators to 23 companies within the ABP Group - developers of the Royal Albert Dock site

Toby Banfield, Rachael Wilkinson and Zelf Hussain have been appointed as joint liquidators of 23 companies within the ABP Group, the developer of the Royal Albert Docks site in East London.
The 35- acre plot, one of London’s flagship property sites, has undergone major development over recent years, with the first phase of work delivering 56,000 square feet of office and retail space.

However the completed units have largely remained empty and the developer, ABP, has not paid a significant number of creditors for the past two years.

Following winding up petitions from various creditors, the companies have been placed into liquidation. The liquidators will seek to secure new investment to restart the development of this important site. The liquidators will be supported by a team of experts from PwC’s real estate restructuring practice.

Mark Addley, Real Estate Restructuring leader and PwC partner, said:

“This is one of the largest development sites in London and has great strategic importance given its location and the redevelopment opportunity at the Royal Albert Docks. We will be working with all stakeholders to maximise this opportunity - ensuring that creditors get the maximum return but also to support the place making in this important, evolving London district.”

Toby Banfield ABP Group Joint Liquidator and PwC partner, said:

“Initially we will focus on getting a more detailed understanding of this strategically important development site for both Newham and London. Once we have a clearer view of the current financial position through working closely with all major stakeholders, we will then invite interest from investors and developers who can reignite the development potential this scheme offers.”

Ends

Notes to editors:

Deloitte in China have previously been appointed as receivers to a minor part of the site on behalf of a Chinese lender. PwC will now liaise with these receivers to understand their role and position.