Signature Living’s plans for a massive party boat hotel would never see the light of day, but that’s what they were proposing.
The struggling hotel group said on Tuesday that Tyepheir’s plans for the 600-bed ship had sunk and the ship itself would be scrapped.
It came as ECHO revealed that Signature’s parent group had been placed into receivership, owing £ 113million to its creditors.
The parent company – whose directors expect to be dissolved – is the sixth company in Lawrence Kenwright’s extended group to pass into the hands of directors.
The administration’s revealing report also sheds light on the current situation regarding a number of Signature businesses – including the proposed party boat.
In early 2019, Signature proudly announced plans for a floating beach club, after Mr Kenwright bought the ship for £ 3.9million.
What the plans said the party boat hotel could have been
Signature’s bold plan for Funchal involved turning it into a 632-bed floating hotel and beach club that would travel from Liverpool to the resorts of Ibiza, Marbella and Mallorca.
A press release from the company explained how the cruise ship would then be docked in the port of Ibiza Town and be accompanied by its own concierge team on board to help customers create an itinerary.
He explained how the hotel on the water would see sun worshipers having “Ocean and Nikki Beach style parties” with “world famous DJs performing from the Mersey to the Mediterranean”.
Converting the ship to a luxury hotel would have been Signature Living’s first offshore venture.
Speaking on the plans in 2018, Signature Living President Lawrence Kenwright said: “Signature Living has always been different and has grown as other hotel brands have left, and our floating hotel is a big step forward. We want to show the world our unique concept and I know this ship will help us do just that.
“As we continue to evolve we are mindful of ensuring that Liverpool is at the heart of our ambitions, which is why we are adding two new hotels to our portfolio in the city. “
Images published with the plans of the luxury boat show with a number of bars and restaurants on board.
There were several swimming pools included in the plans and plenty of comfortable seating areas where guests could relax during their trip to their chosen destination.
What will happen to the boat?
Like many businesses planned by Signature, the news about Funchal fell silent as problems mounted for the group.
Today’s report explains that the boat remains moored in Lisbon to this day – and must be disposed of.
The report says the cruise liner is owned by SLG Cruise, which is 100% owned by another Albendan company.
According to Companies House, Albendan Limited is a Newmarket-based company.
Its director, Derek Watts, is also listed as a director of SLG Cruise Limited, and Albendan Ltd is listed as owning 75% or more of the shares of SLG Cruise Ltd.
The administrator’s report indicates that SLG Cruise is indebted to Albendan for a sum of £ 1,096,817, subject to accrued interest and charges.
He adds that SLG Cruise is in turn indebted to Signature Living’s parent company in the amount of £ 2,983,226.
The directors say they have been approached by Albendan and SLG Cruise to obtain their consent to the transfer of the vessel.
The report states that the vessel is a “work in progress” and would require a considerable investment to be reclassified as a party / hotel vessel and that there are “significant costs associated with mooring and leasing. ‘maintenance of the vessel’.
Directors said the realizable value of the ship would most likely be insufficient to allow for a return, after Albendan’s debt was paid off.
The report adds: “Therefore, the directors have given their consent for the transfer of the boat.”