Zentra Group PLC (AQSE: ZNT), the Manchester-based residential developer, development manager and property manager focused on the North of England, provides the following update in relation to One Victoria, Manchester.

Further to the Company’s announcement on 21 July 2026, Zentra has been informed that James Clark and Howard Smith were appointed Joint Administrators of Torsion Construction Limited (the “Contractor”) on 29 July 2026.

Following the appointment, Zentra Great Ducie Street Limited (the “Developer”) has served notice terminating the Contractor’s employment under the One Victoria building contract with immediate effect.

Site security and measures to protect the works remain in place. The Developer, supported by Zentra and the wider professional team, is in advanced discussions with an alternative contractor regarding completion of the remaining works and expects to provide a further update shortly.

Subject to finalising the replacement contractor arrangements and revised programme, the Company continues to expect practical completion in the last quarter of 2026. Based on the information currently available, Zentra does not expect these developments to have a material adverse effect on the recoverability of its £4.1m loan receivable, which ranks for repayment from project sale proceeds after secured borrowings and liabilities incurred in the ordinary course of business, but ahead of other shareholder loans.