Restructuring deal saves Bradford development

Business advisory firm Quantuma has advised on a restructuring deal for a Bradford refurbishment project, following the administration of the developer.The restructuring and refinancing deal safeguards the Xchange House development, a project to turn the Bradford city-centre commercial building into 126 flats.Quantuma was appointed as administrators of Pinnacle (Bradford) Ltd, part of the Manchester-based Pinnacle Group, after the construction company ran out of funds in 2017. The firm worked with investors, lenders and the landlord to negotiate a sustainable deal to restructure and refinance the Xchange project. On average, investors had placed between 50 and 80 per cent of the sales value as a deposit in the scheme, which they had stood to lose had the development been subject to a forced sale.The restructuring deal will allow investors to appoint new developers to complete the project, with completion expected within the next six months.