The administrators appointed to the company behind the Coal Exchange hotel in Cardiff in May have resigned.
A statement on behalf of joint administrators Kelly Burton and Lisa Jane Hogg of Wilson Field said that holding costs associated with the hotel were ‘withdrawn’, meaning that the duo were ‘unable to achieve the statutory purpose of administration.”
The administrators were appointed to Signature Living Coal Exchange Ltd in May, as the hotel became one of a number of the wider group’s properties to fall into administration over the past few months.
Responding to local press, Signature Living said it has not been involved with the Cardiff hotel since the administrators came in – and says those appointed were not interested in working to bring it out of administration.
A statement from Wilson Field said: “Kelly Burton and Lisa Hogg have resigned from their position as Joint Administrators of the Company and the Administration has now ended.
“The former Joint Administrators resigned from their position due to funding for the holdings costs associated to the Company’s principal asset, namely the Exchange Hotel in Cardiff (“the Hotel”), being withdrawn.
“This meant that the former Joint Administrators would be unable to achieve the statutory purpose of Administration.”
It added: “The former Joint Administrators have made every endeavour to achieve a sale of the Hotel and this is reflected in the huge amount of time they and their team have spent on the case.
“The decision to vacate office was not taken lightly and it is with regret that a better outcome could not be achieved for the Company’s creditors.
“That being said, we are hopeful the Official Receiver or any subsequent Liquidator will be able to achieve a better result for the Company’s creditors.
“With regards to further investigation work, we will make every effort to assist the subsequent office holder with their investigations into the Company’s insolvency.”
The firm said the joint administrators have had ‘no involvement’ with regards to the reopening of the Cardiff hotel or an application for a licence to sell alcohol.