Beatties building in the hands of receivers following collapse of property company

It is understood that the receiver was called in by financial group Kseye Capital. Kseye which specialises in secured loans for property investments, had made a loan to SSYS Beatties, which had been secured against the building.

Savvas Socratous and Costas Papadopoulos, of London-based Alexander Lawson Surveyors, were appointed joint receiver on September 14. The move casts fresh doubt on the future of the iconic building.

In March 2021, the company was granted permission to redevelop the building, retaining retail units at ground floor level and turning the upper floors into 300 apartments. The plan failed to materialise.

A second scheme, to demolish Beatties’ multi-storey car park and the Gorgeous nightclub and replace it with 145 flats, was also given the go-ahead in January, but again did not go ahead. Last month Wolverhampton Council served an enforcement notice for the site to be tided up. The sole director of SSYS Beatties is London-based solicitor Pragnesh Modhwadia.

Mr Modhwadia is a director of 20 different companies, seven of which are in the hands of receivers at the moment.

The present Beatties dates back to the 1920s, with the Art Deco frontage being added the following decade, and an extension in Darlington Street being added in the mid-20th century. A further extension and car park came later, in the 1990s.

Wolverhampton Council has said it is considering all options in order to bring the building back into use.

Leader of the Wolverhampton Council, Councillor Stephen Simkins, said following the issue of the enforcement notice: “The owners were given planning permission for a mixed-use scheme consisting of apartments and commercial units. “They started implementing the scheme but have now stopped work.

“Furthermore, the owners have failed to maintain the building and keep it in a tidy condition.

“So the council has served an enforcement notice requiring them to tidy up the building, and if they do not comply, we will begin proceedings to prosecute.”

Councillor Simkins said the authority was considering the options available with a view to bringing the building back into use.

“The council is also considering its available options in order to bring the site back into use, and will work with the current owners should they choose to continue with the development and prove that is the case,” he added.

“We have to go through a due legal process but of course we want the Beatties site back being used as it’s iconic for the city centre so all our efforts will be there.

“It’s a key component of the city centre offer and was sold to a private developer, but obviously we want to see it being used.”