Wed, 11 Aug 2010 | ADMINISTRATION
A Warrington-based property company has been placed into administration by its lender after it breached loan covenants.
AIM-listed In House Group, which is located in Birchwood, had a portfolio of buy-to-let properties in the North West. It described itself on its company website as a 'foremost property investment, trading and development company procuring profitable niche market investments and portfolios and breaking them up or trading them on for profit.'
The company specialised in residential and commercial portfolios, especially those in need of rescue and turnaround.
The group borrowed just over £20 million from the Dunfermline Building Society before it too went into administration following a collapse in March of last year.
At the time, business secretary Vince Cable, who was then the Liberal Democrat's Treasury spokesman, made a speech in the commons about the loans.
“The Dunfermline Building Society's loans to the In House group were an example of 'disastrous management,' said Mr Cable.
Fast forward to today and, following breaches of its loan to value covenant, Dunfermline called in Ernst & Young to act as administrators for In House.
A spokeswoman for Ernst & Young said that the company will 'seek to sell the portfolio in due course.'
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