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Liverpool Echo
Liverpool Echo
National
Tom Duffy

SHOCKING: Property company behind cinema conversion goes bust owing 40m - What They Never Told You

HMRC Paramount Pinnacle

A property company behind the conversion of a former city centre cinema is about to be dissolved owing £40m to creditors.

Pinnacle Student Developments Ltd (PSDL) announced ambitious plans to transform the site of the former Odeon Cinema on London Road into student accommodation. But the 488 bed scheme marketed as the Paramount stalled in 2015 after the developers fell out with builders PHD1 Construction.

PSDL is now about to be dissolved by a liquidators Quantuma Advisory Ltd. Their latest report has revealed that PSDL owes tens of millions of pounds to creditors.

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