Manchester Terminal 2 Hotel Claims Guide
Manchester Terminal 2 Hotel Investment
With so much traffic heading in and around Manchester Airport, and with flights in and out to more and more destinations, an investment in the Manchester Terminal 2 Hotel may have sounded like a great idea.
Many people certainly thought so, with some being persuaded to invest their pensions into the project.
But many may have been unaware that this hotel project was high-risk, unregulated by the watchdogs over at the Financial Conduct Authority, which may have meant that some investors bit off more than they could chew when it came to risk.
Sadly, traffic seems to have been the issue to the Manchester Terminal 2 Hotel investment, now in administration. The latest official report from the administrators says that roadworks around the area, which took its toll on the business. By March 2017, it reported an operating loss of £1,874,619, with cash-flow issues leading to a liability with HMRC. In Feb 2018, enforcement officers representing HMRC entered the hotel and took furniture and equipment to pay the HMRC debt.
Can you make a claim?
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Can you claim for mis-selling compensation?
If you:
- Transferred your pension to a SIPP
- Invested in Manchester Terminal 2 hotel or other high-risk investments
- Aren’t earning over £100k per year
- Aren’t a Sophisticated Investor
Then you may have been mis-sold, and you could be able to make a claim for negligent SIPP advice.
Speak with an expertThe Terminal 2 Hotel timeline of events
2012 - Company Begins
2015 - Kinsella Resigns
Paul Kinsella resigns as director on the 24 April 2015
2018 - HMRC Administration
Due to difficulties in cash-flow and operating losses, an outstanding liability to HMRC was created, resulting in property from the hotel being taken by enforcement operators in Deb 2018. By April, the company had entered into insolvency proceedings.
