Tue, 26 Oct 2010 | ADMINISTRATION
A £150 million cash injection does not seem to be enough to save property development firm Targetfollow from falling into administration.
Targetfellow, which is led by founder Ardeshir Naghshineh, specialises in the acquisition and management of UK investment and development properties, with buildings in more than 30 towns and cities. The firm owns London landmark Centre Point.
The firm reportedly owes more than £700 million to Lloyds Banking Group. The bank is said to be unwilling to accept the investment cash - £150 million from a 'high-quality institutional consortium' - and wants to press forward with a High Court hearing about possible administration procedures.
Lloyds must approve any capital injection and sources close to the bank say that it believes the consortium's terms are 'not feasible' and would require it to take writedowns. The offer is a 'long way' from what the bank considers appropriate, sources added.
But Naghshineh said that the consortium and its cash injection could 'address any issues' the bank has had with Targetfollow over the past year.
He also said that the last-minute promise of investment could have the potential to
'pave the way for the bank and the company to move on from what has been a very difficult time.'
A leading engineering firm focusing on electric power steering solutions and bespoke wiring harnesses serving various industries. It operates as two entities both reputable for maintaining high standards and offering bespoke solutions for clients. In...
Market-leading fruit and vegetable supplier distributing fresh produce and complementary goods both wholesale and D2C. The companys uncompromising drive for customer satisfaction has built strong relationships with across an enviable client base incl...
Turnkey construction services provider completing a range of projects with expertise across maintenance general refurbishment new build and conservation including work on listed buildings. The company provides full-service construction works utilisin...
|
02
|
|
May
|
Scottish law firms WJM and Davidson Chalmers Stewart merge | MERGER
Scottish law firms Wright, Johnston & Mackenzie LLP (WJM) an...
|
01
|
|
May
|
Cybersecurity firm Brigantia bought by European peer | BUSINESS SALE
North Yorkshire cybersecurity distributor Brigantia Partners...
|
01
|
|
May
|
Historic pottery company Moorcroft goes out of business | ADMINISTRATION
The directors of 128-year-old Moorcroft Pottery have announc...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.