Mon, 02 Sep 2013 | ADMINISTRATION
Warner Estate Holdings has appointed administrators following the withdrawal of support from its lender.
The company, which owns the shopping centre Cavern Walks in Liverpool, saw support from Aviva Investors withdrawn in its capacity as Ashtenne Industrial Fund. Aviva Investors stated that it would pay Warner's asset management fee on a quarterly basis in arrears, rather than monthly. This prompted it to look to administrators from CCW Recovery Solutions towards the end of last week.
Chairman of the business, Philip Warner, commented: “We have worked closely and consensually with our lenders and all our key stakeholders over the last number of years since the 2008 financial crisis to realise sufficient value for them whilst preserving the independent viability of the core asset management business.
“It is, therefore, with considerable regret that the appointment of administrators means that any potential value for our long standing and supportive shareholders has been finally extinguished.”
Warner's asset management business is expected to be sold by administrators to Hansteen Holdings when the Ashtenne fund terminates is agreement with Warner. The 95 staff with Warner are expected to be able to transfer to Hansteen.
Over ninety per cent of Warner's revenue comes from its asset management agreement accounts, meaning that any change in this area was bound to impact the rest of the business.
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