HMRC Files Winding Up Petition Against Newcastle Property Firm Hadrian Real Estate

The tax people, HMRC, want Hadrian Real Estate closed down. Hadrian took over projects from the failed High Street Group. HMRC filed a legal request to shut Hadrian down earlier this month. We don’t know exactly why HMRC did this.

Hadrian says they are paying their old tax bills. Hadrian thinks they will solve this problem soon.

They started as High Street Group plc in 2020. Then they changed their name to Hadrian in 2021.

Gavin Fraser, a former High Street director, became Hadrian’s manager. Hadrian took over six High Street Group projects back then. These included housing and student flats, plus smaller sites. Hadrian aimed to build 3,000 homes in five years.

Hadrian protected High Street Group from some debts. This included debts to loan note holders, small investors among them. But High Street Group’s administrators weren’t sure about Hadrian. They doubted Hadrian’s money and ability to run things.

Hadrian nearly got removed from the Companies House register. That action was paused in December. Fraser says they are settling old HMRC bills. Tax relief will partially cover these bills. He expects a solution from HMRC soon.

HMRC said they help those with tax debts first. They only close companies as a last resort. This protects taxpayer money, they explained.

High Street Group was ordered to close last summer. Administrators didn’t expect to repay £123m to loan note holders. They also owed creditors another £87.7m. Pandemic delays hurt High Street Group.