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.
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Paul Kinsella resigns as director on the 24 April 2015
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.