Winterhill Largo completes trio of LPA deals16th October 2012

Acting as Law of Property Act (LPA) receivers, asset recovery and insolvency support group Winterhill Largo has completed a hat trick of property deals in Wales and the North West in the past month, out of the firm’s new Manchester city centre offices.

In Preston, the firm disposed of a 15,600 sq ft modern office development, occupied by HSBC. Beech House on Caxton Road, was sold to local property company New Star Developments for a sum close to the asking price of £2m.

Winterhill Largo also sold a mixed residential and retail development, with motor trade and bakery tenants, in Methyr Tydfil at auction. In a third Welsh deal, the firm sold Plas Newydd, a former youth hostel in the seaside village of Llanbedr in Gwynedd, North Wales, to a local developer. The site has planning permission for the demolition of the old youth hostel and the development of nine new apartments and three new houses in two separate blocks.

Commenting on the three sales, Winterhill Largo director, David Currie, said: “With our new Manchester offices now well established on Deansgate we are well equipped to handle the increasing demand for our services as LPA Receivers right across the country.”

He added: “The LPA receivership process can often be the speediest and most efficient method for lenders to recover their debts, where property assets are involved. Unfortunately the extremely difficult economic situation means that these sorts of cases are very much on the rise.”

Following a merger with debt recovery firm Largo in 2010; the acquisition of surveyors and real estate practice David Currie & Co in July 2011; and the acquisition of rival business Sovereign Credit Management earlier this month, Winterhill Largo now operates from six UK offices in Manchester, London, Blackburn, Wakefield, Liverpool and Horsham.