Wolverhampton company providing housing for vulnerable people enters voluntary liquidation
A community interest company that provides rented housing for vulnerable adults and families at risk of homelessness has gone into voluntary liquidation.
Wolverhampton-based Lotus Sanctuary had its head office in the Chubb Building in Fryer Street in Wolverhampton city centre.
Director Gurpaal Singh Judge, the founder and chief executive, could not be contacted for comment on Friday and there was no one in the offices.
Liquidators from Begbies Traynor were appointed on Thursday. They have written to all employees telling them their employment has been terminated.
Lotus employed 88 at the time of its last annual financial statement in March last year when it had capital and reserves of £1.55 million.
The company, which was formed in 2018 in Codsall Road, Wolverhampton, had been reported to be looking to offload leases and was owed money by several local authorities.
It also had cash flow issues due to a failure to win exempt housing status from the Government.
Lotus Sanctuary had opened a retail Living Hub in Bilston in March last year to provide resources to support vulnerable people nationwide.
It had leased a mixture of apartment blocks and smaller buildings across the West and East Midlands, London, the North West, the North East, the South West and Yorkshire and Humber.
It had grown since 2019 from two houses in the Black Country to more than 1,000 bed spaces.
Lotus had ambitions to reach 10,000 bed spaces by the end of this year.
