November 13 2009

Kenmore Property Group has been placed into administration with Grant Thornton administrating the companies remaining assets.

Once valued at £1.8bn its creditor HBOS, now part of the Lloyds banking group, is seeking to recoup £700m of debts and investments after a 45% crash in commercial property values.

Lloyds are now providing emergency funding to allow administrators to run the business as a going concern, avoiding a fire sale of assets.

One of the groups last projects was Cuprum in Glasgow but further development projects are currently mothballed or cancelled.

Not all of Kenmore’s arms are in administration, Kenmore European Industrial Fund will continue to operate as an independently run vehicle.

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