HMRC has filed a winding up petition against Hadrian Real Estate, a Newcastle property firm, amid concerns over its financial stability and tax obligations.
Newcastle: HMRC is taking action against Hadrian Real Estate. They filed a winding up petition against the property company. This firm took over projects from the failed High Street Group.
The petition was filed earlier this month, but the reasons are unclear. Hadrian claims they are working on settling their tax bills and expect a resolution soon.
Hadrian started as High Street Group plc in April 2020 and rebranded in August 2021. Gavin Fraser, a former director, is now the managing director.
When they rebranded, Hadrian took on six projects from High Street Group. These included residential and student housing developments across Northumberland, County Durham, North Yorkshire, and Scotland. They aimed to build over 3,000 new homes in five years.
However, in January last year, administrators said they doubted Hadrian could recover value from these developments. They expressed concerns about Hadrian’s financial health and operations.
Hadrian faced potential removal from the Companies House register, but that action was paused in December.
Fraser mentioned they are settling historic HMRC bills, which will be partly offset by tax reliefs. He believes a resolution is on the horizon.
An HMRC spokesperson stated they only file winding up petitions after exploring all other options to protect taxpayers’ money.
Last summer, a court ordered the liquidation of High Street Group. They owed £123 million to loan note holders and an additional £87.7 million to creditors. Financial troubles arose due to construction delays during the pandemic and requests from investors to withdraw funds.
