Tue, 01 May 2012 | ADMINISTRATION
Property investment and development company City Site Estates has been placed into receivership.
The business was established in 1973 and has built up a multi-million pound portfolio of properties in London and Glasgow but the slowdown in the property market has forced the company to re-evaluate its long-term strategy.
David Chubb, joint receiver/administrator and partner with PwC, explained that the decision was taken to “seek protection through either a receivership or administration process” after discussions with the existing lenders.
He added: “Our immediate priority will be to review the existing position, explore options and develop an effective strategy for the portfolio with a view to realising best value for the benefit of creditors.”
In addition to the main company, a number of fellow group businesses have also been placed in receivership or administration. These include Saltire Leisure Ltd, which owns the Holiday Inn Express hotel in Dundee, and Queensbridge management Ltd, which had acted as an asset manager to the City Site group.
Mr Chubb noted that employees, existing tenants and stakeholders will be minimally impacted by the process, while the Holiday Inn hotel will continue to trade during the administration process.
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