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 25 June 2026 regarding the construction programme at One Victoria, the Company has been informed that Torsion Construction Limited (the “Contractor”), the principal contractor for the project, filed a notice of intention to appoint administrators on 20 July 2026. As at the time of this announcement, administrators have not been appointed.
One Victoria is being developed by Zentra Great Ducie Street Limited (the “Developer”). Zentra acts as development manager for the project. As announced on 30 May 2025, the Company’s investment in the Developer comprises a 30% equity interest and a loan with a face value of £4.1 million.
Construction at One Victoria is at an advanced stage. Apartment fit-out is substantially complete and external facade works are in their final stages. The remaining works are estimated to represent approximately eight weeks of construction activity once new arrangements to finish construction are in place and principally comprise external and communal areas, finishing and snagging, testing and commissioning, and the necessary inspections and approvals.
The Developer, supported by Zentra and the wider professional team, has been preparing contingency arrangements and is in discussions with the provider of the secured development finance facility, a potential replacement contractor and key project subcontractors. It is also taking steps to maintain site security, verify the status of completed and outstanding works and protect its position under the building contract and related project documents.
Given the advanced stage of the development and the limited scope of work remaining, the Company considers the risk to overall project delivery to be limited. While there may be some short-term disruption to the programme, Zentra now expects practical completion in the last quarter of 2026.
The Developer is assessing any additional costs arising from the Contractor’s position. Based on the information currently available, the Company does not expect this event to have a material adverse effect on the recoverability of its loan, which remains expected to be repaid from project proceeds following completion.
The Company will provide a further update as required.