Express & Star

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

The company which owns the former Beatties department store building in Wolverhampton has been placed in the hands of receivers.

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The company which owns the vacant Beatties business has been placed in receivership

SYSS Beatties, which was formed in 2019 to redevelop the building, is in receivership.

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.