A UK housing firm has appointed administrators after spending years in receivership following the bankruptcy filing of its parent company, owing £114 million. Kingsway SLG, the firm behind the residential development Kingsway House in Liverpool city centre, entered receivership, the appointment of a creditor to sell company assets for debt coverage, in 2022. It followed the filing of parent firm the Signature Group for liquidation after the collapse of its smaller companies left creditors owed almost £114 million, the Liverpool Echo reports.

Former bosses of the group, which was known for converting historic buildings in Liverpool into popular hotels, were declared bankrupt in 2024. Kingsway SLG officially appointed administrators from Leonard Curtis on March 19, according to The Gazette.

Investors into the Kingsway House development, which was granted planning permission in 2018, said in January that they were yet to see a return on their deposits.

The Signature Group’s “fractional sales” model reportedly saw investors put money into individual flats or bedrooms – but its collapse left the Kingsway site unfinished for years.

Representatives for the investors, who are based around the globe including in the US, Australia and South America, told the Echo a lack of updates on refund timelines risked “damaging Liverpool’s reputation as a safe investment city”.

An email seen by the newspaper read: “This silence is no longer a matter of administrative delay; it is actively damaging Liverpool’s reputation as a safe investment city. Developers abroad now cite Kingsway House as a reason to look elsewhere.

“Any action taken would not only restore our capital but also reaffirm Liverpool’s promise as a trustworthy destination for global investment.”

One such investor, Juliet Ignatiev, 64, from Southport, said she had put £31,000 into a flat at Kingsway House and planned to spend the returns on a new life in Australia.

She added that she had moved into a caravan in Devon in anticipation for the move, but endured “sleepless nights” after the parent company’s collapse, wondering if she would ever get her money back.

The UK Serious Fraud Office (SFO) launched an investigation into the Signature Group in 2024, carrying out raids at three properties and making four arrests. The probe is thought to be ongoing.

The Express has contacted The Signature Group, Kingsway SLG’s administrators and the SFO for comment.