Administration blow for Three Albion Place

Three Albion Place, run by businessman David Criddle, offers conference and events facilities and club membership services under the 3 Albion Place and Club LS1 brands.

The conference, events and catering parts of the business, together with the 3 Albion Place brand have been sold to a new company, Valleyfeature, which is backed by a group of long-term stakeholders in some of the businesses based at the property.

In a separate deal, the club membership services operation has been bought by Smartmanor, a company run by Mr Criddle, which owns the building.

Joint administrators Peter O'Hara and Simon Weir, of O'Hara and Co, are in the process of contacting creditors, which include trade suppliers, connected companies and HM Revenue and Customs.

No jobs have been lost and other businesses based at the property are unaffected. Existing commitments to members will be honoured along with any events booked.

Mr Criddle said: "I'm delighted with the outcome of this arrangement. It brings some new management and other resources for the conference and events part of the business. Now that the core developments and the property have been completed, it also ensures Club LS1 can continue to grow."

The former Leeds Club's history dates back to 1849. Mr Criddle told the Yorkshire Post last year that he had spent more than 6m on redeveloping 3 Albion Place to restore its reputation as the main meeting place for the city's business leaders.

Mr Weir said last night: "The directors set off on a fairly ambitious plan and would have achieved that but for the economic climate."

Mr O'Hara added: "This is the best possible outcome in the circumstances, ensuring that the work of redeveloping the community at this historic institution is able to continue."

The administrators were advised by Leeds-based law firm Clarion.