Mon, 22 Nov 2010 | BUSINESS SALE
Following its administration earlier this year, the assets belonging to commercial property owner Targetfollow are being marketed for sale.
Administrators Deloitte have kick-started the sales process, which includes finding a buyer for some of the company's best-known assets, including London's Centre Point Tower.
Lloyds forced Targetfollow into administration over debts of £700 million. The creditor has now valued the company's assets at just £450 million, although its founder, Ardeshir Naghshineh, claims the figure is more like £680 million.
At the time of administration, Iranian businessman Naghshineh, accused Lloyds of a 'wanton destruction of value,' by pursuing the debts so strongly.
“Obviously we are disappointed at this turn of events because, as is widely understood in the property industry, myself and my expert team are the best people to extract full value from the portfolio.
“However, if the appointment of administrators stops the wanton destruction of value that has characterised the bank's interference over the past 12 months, then that will be a move in the right direction,” he said.
Potential buyers have been sent details of the Targetfollow portfolio and a fierce bidding war is expected to kick off, with most interest coming from private companies and private equity groups.
A Deloitte spokesman said, “The administrators are currently assessing market appetite for the assets either individually or as a group.”
Selling agents have not yet been appointed by Deloitte.
This is a unique opportunity to acquire valuable intellectual property assets from a well-established wholesaler with many years of experience in the discount food and non-food sector in the Midlands.
This is an opportunity to acquire a long-established specialist bakery business, supplying major UK supermarkets and boasting a fully equipped production facility with a skilled workforce.
Discover the rare chance to acquire a specialist UK supplier of marine engines and generators, noted for their leadership in the used marine engine market and hard-to-find parts.
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.