Page last updated at 21:35 GMT, Thursday, 12 November 2009

Property group in administration

International Financial Services District Glasgow
Kenmore pulled out of involvement in plans for a 300m hotel in Glasgow

An Edinburgh-based property group with offices across the UK, Middle East and Europe has gone into administration.

A total of 21 companies within the Kenmore Property Group have been placed in administration, while two others are now in receivership.

The Group manages more than £1 billion of investments in the UK, France, Holland, Germany, Belgium, Sweden, Norway, Finland and Dubai.

Two Kenmore businesses employ 50 staff at Edinburgh headquarters.

Administrators Grant Thornton said various Kenmore capital fund companies were in administration along with the Group's private equity arm and two single property vehicles.

There is also "a substantial development pipeline", according to administrators.

'Avoid disruption'

A connected company, Kenmore Private Equity Limited, has also been placed in administration.

There are Kenmore offices in London, Manchester, Leeds, Birmingham and Bristol.

Grant Thornton partner Rob Caven said: "Funding has been secured from Lloyds Banking Group to enable us to continue to trade the business while we explore with the Group's stakeholders potential restructuring opportunities.

"While there will undoubtedly be some uncertainty at this time our plans for the continued trading of the Group should avoid any immediate disruption to the funds that are owned and/or managed by the Group.

"Our immediate objective is business as usual," he added.



Print Sponsor


SEE ALSO
Hotel plan hit by credit crunch
11 Dec 08 |  Glasgow, Lanarkshire and West
Project aims to brighten skyline
09 Mar 04 |  Scotland

RELATED INTERNET LINKS
The BBC is not responsible for the content of external internet sites


FEATURES, VIEWS, ANALYSIS
Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit

BBC navigation

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.

Americas Africa Europe Middle East South Asia Asia Pacific