Vergo Retail, the Liverpool-headquartered department store group, will continue to trade as normal as administrators look to sell the business as a going concern. The company entered administration on Friday. Sarah Bell, partner at insolvency firm MCR, said: “The business has made efforts following the recently announced closure of the Lewis’s store in Liverpool to seek new finance to restructure the business, but has been unsuccessful in finding a going concern solution.” Vergo owns nine major department stores, including Joplings of Sunderland and Derrys of Plymouth, and employs 942 staff across 19 outlets.

The board of Cheshire property developer Eatonfield has drawn down £150,000 from an equity facility provided by joint venture partner Jenard Properties. The company said £650,000 remains available under the facility before 31 August. However, last week it admitted that the facility, if drawn down in full, will only provide it with sufficient working capital through to mid-July. Eatonfield’s owner Rob Lloyd is currently fronting a bid to buy Portsmouth FC from its administrators.

The average room rate of hotels in Manchester and Liverpool fell during March, according to a new survey published by accountancy firm PKF. In Manchester the average achieved room rate (AARR) fell 2.5 per cent to £74.78, while in Liverpool it was 3.2 per cent down at £67.58. There was better news for Manchester hoteliers, with improvement in occupancy levels and room yields. Occupancy levels increased by 5.4 per cent to 75.6 per cent, while room yields increased by 2.7 per cent to £56.53. Occupancy was up 2.4 per cent to 73.3 per cent in Liverpool, but room yields dropped 0.8 per cent to £49.54.

Liverpool FC’s parent company has posted a loss of £54.9m for the year to 31 July 2009, following mounting debt interest payments and severance pay-offs. Kop Football (Holdings) reported a 14 per cent rise in turnover to £184.8m, but interest payments rose from £36.5m to £40.1m. Pay-offs to senior staff, including former chief executive Rick Parry, accounted for a further £4.3m. The accounts, filed at Companies House, said that Kop Football's financial arrangements expired on 3 March, and that the club was dependent on "short-term facility extensions".

Knowsley sheet metal fabricator Metalbuild collapsed with debts of almost £1.2m, according to a recently published creditors report by joint administrators from KPMG. The company was placed into administration in February with the loss of 35 jobs. Administrators Paul Flint and Brian Green had been hoping to sell the business to Metalbuild’s directors and management team, but a deal failed to materialise. The report said that Metalbuild’s acquisition of Four Major in March 2009 placed a strain on working capital facilities and an inability to meet liabilities when they were due.