A MAN who invested £75,000 in a new apartment block fears he has lost his money after the company behind the development went into administration.

The buyer bought a two bedroom-flat and car parking space inside the Xchange building, in Bradford city centre, back in September 2016 after deciding to invest part of his pension.

Pinnacle (Bradford) Ltd went into administration last month after failing to complete much of the re-development work, leaving several buyers who had bought off-plan out of pocket.

One man who contacted the Telegraph & Argus, and did not wish to be named, said he was told the development would take 10 months when be bought a flat as an investment after taking early retirement.

However, after months of waiting patiently, it transpired very little work had taken place and getting hold of someone in charge was a difficult task.

He said: "When I looked into it there was the Westfield site nearby and links to Leeds, so everything seemed very positive.

"We were shown around and decided to purchase – everything seemed up front and legitimate."

After waiting a few months for the building work to get underway, the buyer contacted the company in May 2017 to arrange a site visit.

He added: "I wanted to see walls in place and some progress.

“I confirmed the visit would be August 24 on e-mail and the day before we were due to meet I text him asking where we were going to meet and he said he was out of the country.

“Alarm bells started ringing and I phoned the office, but was told no-one was on site.

“The next day I drove down to Manchester and spoke to their managing director.

“They had £75,000 of my money and I wanted to know what was going on with it.


“I was told they weren’t getting access to it from the landlord."

Following a series of phone calls and letters to the developers about his money, Pinnacle (Bradford) Ltd went into administration in April, leaving buyers without their investments.

He added: "I'm not confident of getting the money back when you see what they have done with other developments."

Three companies run by Pinnacle Alliance all went into administration in 2017 and 2018 after failing to finish student accommodation blocks in Liverpool.

The circumstances are strikingly similar to Pinnacle (Bradford) Ltd, with many of the flats bought off plan.

The Telegraph & Argus has made several attempts to contact Pinnacle Alliance.