£30m black hole at Liverpool property company behind cinema conversion 

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Firm behind original Paramount scheme off London Road owes tens of millions of pounds to investors and creditors

A property company set up to develop a former Liverpool cinema into city centre apartments has liabilities of over £30m.

Pinnacle Student Developments Ltd was behind the development of the former Odeon Cinema on London Road in Liverpool city centre. But the 488 bed scheme marketed as the Paramount stalled in 2015 and was not fully complete.

The Odeon, which first opened in the 1930s, closed in 2008. Pinnacle eventually entered administration  and investors who put deposits down on apartments at the site feared for their cash.

Now a report by administrators Quantuma LLP has revealed that investors have submitted claims for over £13m on the scheme.

Source: £30m black hole at Liverpool property company behind cinema conversion – Liverpool Echo