BDO LLP business restructuring partners Shay Bannon and Sarah Rayment were appointed joint administrators of Mar City Developments Limited on 24th May 2016.
The company, based in Hockley Heath, is owned by Tony and Maggie Ryan. Through it, they own the freehold interest in a number of commercial buildings in Birmingham and development sites situated in the Midlands. The administrators have made all three staff redundant as the company effectively ceased to trade on administration.
The administrators said that they will be instructing agents to market the property assets of the company. The two subsidiaries, South Staffs Group Limited and Terngate Limited, have not been placed into administration while a strategic review of available options is undertaken.
The administration applies only to Mar City Developments Limited and does not affect Mar City Plc, Mar City Homes Limited or Mar City Land Limited, which are separately owned and managed companies.
Mar City Plc’s listing on AIM was suspended on 20th April 2015 and, subsequently, cancelled on 21st May 2015. Tony and Maggie Ryan resigned as directors and relinquished their executive responsibilities within the group on 10th December 2015 but remain as major shareholders.