Shankly Hotel opening hopes remain but lender loses patience over £12m backing
The developer behind Preston’s much-delayed Shankly Hotel ran into a financial crisis after factors including Brexit, asbestos and Covid-19 repeatedly delayed construction, new documents have revealed.
If it is ever completed, the property would be used as a hotel, restaurant, bar and private events venue. It will have a rooftop terrace, 65 bedrooms and space for 230 diners with the Shankly name taking that of its sister hotel in Liverpool which in turn was named after the legendary Liverpool and Preston North End football manager.
“However, the company failed to make sufficient progress with building compliance matters, including the fire strategy continuing to not be agreed via building control despite positive site meetings with Preston City Council. Cladding was also an area that required attention.” A total of £6.8m is owed to unsecured creditors according to the company’s accounts. The administrator's report suggests it is unlikely that this full amount will be repaid, with some likely to get as little as half the amount owed. Meanwhile, investigations are continuing to examine the £1.4m owed to other companies within the wider Signature Living Group and another £1.7m which is due from other companies.
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