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Coal Exchange Hotel

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MountStuartSquare

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Coal Exchange Hotel

PostTue Jul 16, 2019 8:32 pm

Hi everyone, this is my first post on here so please excuse any errors.

I live on Mount Stuart Square and over the last 6 weeks or so have noticed that there haven't been any workmen on site at The Coal Exchange. I popped into the Hotel and spoke with reception about a month ago and was told that they were not visible as they were now working in the basement. Over the last few weeks I thought it was strange that I hadn't seen a single construction worker on site so I popped in again this morning and spoke with someone different at reception who informed me that all construction work at the building was halted somexweeks ago and they have no idea when or if work will resume at the building to complete the redevelopment.

As the North wing of the building is still completely derelict and in a terrible state of repair I think it's really concerning that all work has halted on such a historically important building. I was just wondering if anyone else has heard anything with regard to Signature Livings future plans for The Coal Exchange?
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Ash

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Re: Coal Exchange Hotel

PostTue Jul 16, 2019 10:29 pm

I've heard nothing but Signature Living's funding model always appeared quite high risk. For that reason, the council insisted that work on the buiding was phased in such a way that of it stopped at any point the building would be in a better condition than it was before the work began.

Without suggesting any impropriety on Signature Living's part, the funding model was aimed at the same sort of investors that were targeted in the growing Gavin Woodhouse / Afan adventure park scandal. That may well have dented confidence.
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Cardiff

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Re: Coal Exchange Hotel

PostWed Jul 17, 2019 4:59 pm

Signature Living have had money issues since the start, their founder has had a number of failed businesses. They are sporadically in the news regarding investor concern.
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Lyndon

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Re: Coal Exchange Hotel

PostFri Jan 24, 2020 10:20 am

The council is coughing up to get the Coal Exchange finished:

The controversial renovation of a Grade II* listed building as a luxury hotel has secured council funding.

Cardiff council has approved a loan - believed to be about £2m - to the owners of the city's Coal Exchange.

The first phase of the 173-bed Exchange Hotel, in Cardiff Bay, opened in 2017 following a £15m refurbishment.

Cardiff South MP Stephen Doughty had urged the council to reject the request from controversial Liverpool company Signature Living.

Mr Doughty raised concerns over the financial and business background of the company's owner Lawrence Kenwright.

Mr Kenwright said he was "delighted" funding had been secured for the "jewel in the crown" of Cardiff's heritage and hoped work would be completed by April.

The council said the loan, which will cover half of the remaining costs to complete the work on one of the city's most significant buildings, was subject to "strict conditions" to safeguard the investment.


https://www.bbc.co.uk/news/uk-wales-51228054
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Brian62

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Re: Coal Exchange Hotel

PostFri Jan 24, 2020 12:46 pm

"completed by April"
Have I read that wrong? Three months to finish the building?
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Lyndon

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Re: Coal Exchange Hotel

PostFri Jan 24, 2020 1:44 pm

He didn't say which year :lol:
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daearegwr

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Re: Coal Exchange Hotel

PostFri May 01, 2020 1:49 pm

There's been a couple of WalesOnline reports of other signature living hotel going in to administration. Does this mean possible bad news for the Coal Exchange to come?

https://www.walesonline.co.uk/news/wale ... e-18149296

Two hotels in the same group as Cardiff's Coal Exchange have been put into administration. Signature Living's flagship hotel - the Shankly, in Liverpool - appointed joint administrators on April 16.

On Friday, administrators confirmed they had been called in by another Signature hotel - this time Bedford Hotel Limited, which trades as the George Best Hotel in Belfast. The Irish 'luxury' hotel was set to open in the summer.
In addition, another company linked to boss Lawrence Kenwright, the Signature Living Hotel Limited (The Company), appointed administrators on April 21. The Company holds various freehold and leasehold interests of the wider Signature Living Group.

On April 16, Signature Victoria Mill Limited, which owns the Victoria Mill residential development, a prominent six-storey former textile mill in the heart of the Manchester City regeneration area, also went into administration.
Investors in the Exchange Hotel in Cardiff are worried about what it might mean for the hotel. They have already spoken out about how they've been left owed thousands by Signature Living.

Earlier this year, Cardiff Council agreed to hand Signature Living a huge loan - reportedly worth £2m - to help with the restoration of the Coal Exchange.

Signature Living Hotel Limited was the sole shareholder in Signature Living Coal Exchange Limited until March 20, 2020. According to Companies House information, the shareholdings in the Coal Exchange were transferred to a new company called UK Accommodation Group Limited on this date. This company is also owned by Lawrence Kenwright, together with his wife Katie Kenwright.

Referring to the Shankly Hotel, Signature Living said: "Due to Covid-19 and government guidelines the Shankly Hotel ceased trading with immediate effect.

"We have been left with no option but to place the property subsidiary of the hotel into administration. The operational trading company for the Shankly Hotel remains unaffected as does the wider Signature Living group.
“We are all facing unprecedented times and the impact of this pandemic on our business has forced us to make some immediate and difficult decisions."

FRP Advisory Trading Limited is managing the administration of Signature Victoria Mill Limited, while financial advisors from Duff & Phelps are managing the administration of the other three. This is what Duff & Phelps said about all three hotels:
Shankly Hotel
"The hospitality industry as a whole has seen increased pressures in recent years and has now been instantly hit incredibly hard by the COVID-19 pandemic.

"As a result, the Shankly is temporarily closed. Management’s expectation is that once the lockdown is lifted trading will continue as normal.”

Bedford Hotel Limited
“The renovation of the hotel is in the latter stages of completion and is due to be launched later this year.
"In order to protect its investment and provide a platform from which the hotel can be completed, Lyell Trading Limited have taken steps to appoint the joint administrators.

“We recognise the value of the George Best Hotel as a finished development and trading hotel. In so far as it is possible, advance bookings and reservations remain unaffected.

"We will be exploring all options with the current funders to maximise its value and ultimately the return to creditors.

“Like Signature Shankly Limited, we are aware that there are a number of bedroom investors that have paid deposits, we will be contacting all investors at the earliest opportunity to confirm our appointment and gather further information.”

Signature Living Hotel Limited (The Company)
“The steps taken by Henslow Trading Limited to protect its investment in the Signature Shankly Limited has necessitated a need to appoint the joint administrators to protect the freehold interest in Millennium House (the Shankly Hotel building).

“The trading operations of the Signature Living Group are unaffected by the various administrations and we understand that all trading will recommence at the earliest opportunity.“

The original Shankly administration move came after an application from a creditor firm, Henslow Trading Limited.
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lucky

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Re: Coal Exchange Hotel

PostTue May 12, 2020 12:11 pm

And now in administration. I'm told that the last published accounts to 2018 show that almost £16m of Coal Exchange funds were transferred to "other group undertakings". If so, I hope those owed money by this move investigate further.
https://www.thegazette.co.uk/notice/3561614
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daearegwr

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Re: Coal Exchange Hotel

PostTue May 12, 2020 4:11 pm

Only a matter of time wasn't it. I was somewhat confused by the Wales Online article that covers this https://www.walesonline.co.uk/news/wale ... e-18238767

It says the owner of the hotel is in administration but the company running the exchange hotel still going? Are they just keeping in going to try and sell as a going concern or is the running of the hotel/venue done by a separate legal entity?
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lucky

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Re: Coal Exchange Hotel

PostWed May 20, 2020 5:31 pm

This is another hotel run by the same guy. I've got to wonder when the last inspection of the kitchens at The Exchange was, after reading this. The judge's comments say volumes about their general attitude to the truth, though. https://www.liverpoolecho.co.uk/news/li ... l-18279206
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