Coventry property business enters administration

The firm was established back in 2019, and holds the long leasehold for Riley Square – a retail centre in Coventry, above which sits a large amount of social housing.  

The lease was granted by Coventry City Council with obligations to invest in a refurbishment and renewal programme for the site and local community, however the company failed to follow up on this for reasons presently unknown.  

Additionally, a secured creditor of the company ran out of patience with the borrower and subsequently appointed Quantuma as joint administrators in order to protect their position. Innovative Retail Development did not have any employees, so no jobs have been affected.  

Quantuma managing director and joint administrator Simon Campbell said: “It is deeply regrettable that Innovative Retail Development has been forced into an insolvency process as a temporary protective measure. 

“As joint administrators, our immediate priorities have been to control rental income, to understand the balance of interests between secured creditors and Coventry City Council, to deliver a practical solution for the community and to maximise medium term value for creditors.”