Following the recent announcement by Nottingham Castle Trust (‘the Trust’) that it was taking steps to place the Trust into liquidation, Tim Bateson and Chris Pole from Interpath Advisory were formally appointed as joint liquidators to the Trust on 29 November 2022.
The Trust is an independent not-for-profit charitable trust which managed and operated Nottingham Castle on behalf of Nottingham City Council. The popular tourist attraction in the heart of Nottingham city centre comprised historic caves, museum and exhibition galleries, welcoming over 100,000 visitors through its doors in the period since Summer 2021.
The Castle had recently undergone a programme of significant renovation and refurbishment works, and while visitor numbers were rebounding steadily following reopening in the summer of 2021, volumes were still below forecasts, which placed pressure on cashflow.
While the Trust was in active discussions with stakeholders to secure additional funding, these discussions were ultimately unsuccessful. After considering their options, the Trustees took the decision to seek the appointment of the joint liquidators. The Castle closed its gates to the public on 20 November 2022.
In addition, on 28 November 2022, Tim Bateson and Chris Pole were appointed joint liquidators to Nottingham Castle Services Limited, the 100% subsidiary of the Trust which undertook all non-charitable activities including retail and catering operations.
As a separate legal entity which solely operated in the grounds of the Castle, the Directors of Nottingham Castle Services Limited concluded that following the closure of the Castle to visitors, there was no viable alternative to liquidation and made an equally difficult decision to take the necessary steps to appoint joint liquidators.
The majority of the employees of the Trust were made redundant in advance of the appointment of the liquidators, and all remaining staff have been made redundant with effect from today.
Tim Bateson, director at Interpath Advisory and joint liquidator, said: “Dating back to the time of William the Conqueror, Nottingham Castle has been at the heart of the city for centuries, bearing witness to civil wars, royal coups, fires and floods. As a modern-day museum, it has helped to preserve the cultural heritage of Nottingham, hosting tours, exhibitions and supporting local schools and community projects.
“Immediately following our appointment over the Trust, we disclaimed the various leases and operating agreements back to Nottingham City Council. Whilst the Castle is now back under the control of the Council, we will be working proactively with them over the coming weeks to ensure that there is a smooth handover to give them the best possible chance of being able to reopen the Castle at the appropriate time.
“We will also be providing support and assistance to the employees to enable them to claim any outstanding statutory entitlements which they are due, as well as working to realise the remaining assets.”
No refunds are able to be made in relation to advance tickets, annual passes or booked events, but individuals in this position should notify the liquidators of any amounts that they are owed by writing to nottinghamcastletrust@interpathadvisory.com.
