Scarborough picks up Modus schemes
Published: 26 February, 2010
Scarborough Development Group has bought eight Modus Group property companies out of administration for £37m.
Accountants Ernst & Young, joint administrators of 15 Modus subsidiaries, has sold eight of them to Yorkshire-based Scarborough Development Group, headed by entrepreneur Kevin McCabe.
The companies are Modus Properties; Modus Properties (Stockport); Modus Deepdale; Modus Congleton (No 1); Modus Eastern (Boston); Modus Gregory; Modus Cambrian and Modus (Tower Grand).
Among the schemes that Scarborough has picked up are The Bridestones in Congleton and the third phase of Wigan's Grand Arcade development.
Administrator Tom Jack said: “This is a significant deal to have completed, particularly given the current challenges in the property market for developers and investors. The sale will ensure commercial, retail and leisure schemes will now be completed in a number of key locations, including the north west and Wales."
