Commercial Estates Group (CEG), which has a base in Leeds, has been put into administration due to part of its management team moving on to form a new company.
It is understood this has taken place due to a shareholder dispute. Property news publication, Place Yorkshire, has reported that CEG is a management company and doesn’t own its development sites, meaning they will remain unaffected.
It adds that RPG was incorporated at Companies House in July and lists CEG managing director Matt Farrell and chairman Gerard Versteegh as directors, with former CEG management members Tom Gaynor, Antonia Martin Wright, and Jon Allen also involved. RPG has bought some of CEG’s assets.
About six acres of land around Marshall’s Mill, in Leeds, has been listed by Savills for a guide price of £21m, while KRE Corporate Recovery has been appointed to oversee the administration process.
Some employees have been given new contracts and what remains of the Leeds office will shift to Harrogate.
A spokesman told Place Yorkshire: “The entity Commercial Estates Group Ltd has gone into administration. CEG is an entity which provides management services to client companies and does not own any property assets. The property-owning entities managed by CEG are unaffected.”
CEG’s sites include Kirkstall Forge and Temple District in Leeds. Kirkstall Forge is a £600m, 56-acre mixed use site north west of Leeds city centre which currently features commercial space at its Number One office development.
Temple District forms part of the South Bank regeneration area of Leeds close to Leeds Railway Station. It comprises 8.69 acres around Water Lane and Globe Road, as well as Grade I-listed Temple Mill, which was acquired by CEG in 2018.