Wed, 06 Oct 2010 | ADMINISTRATION
Liverpool-based property investment firm Ethel Austin Investment Properties has fallen into administration after suffering in the sluggish commercial lettings market.
A £100 million funding deal had been negotiated with RBS and Lloyds shortly before insolvency practitioners from Deloitte were appointed as administrators.
Ethel Austin has involvement in about 300 properties either directly or through stake holdings. The portfolio is comprised of residential and commercial properties scattered across the country with most located in the North West of England or North Wales.
A large chunk of the company's portfolio was represented by the former premises of the now failed Ethel Austin retail chain.
A total of 106 properties have since been bought by another Ethel Austin business. The deal value was undisclosed, but the administrators did reveal that the price placed the properties above their market value.
Joint administrator Mr Dawson said: “We do not envisage the administration appointment having any impact on existing tenants and we will be meeting shortly with all relevant parties to implement a strategy for maximising value from the 200 properties remaining…”
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