Thu, 01 Dec 2011 | ADMINISTRATION
Lloyds Banking Group is mulling putting Battersea Power Station into administration to facilitate a search for an investment partner and developer.
A High Court hearing has been arranged for 12 December to confirm the appointment of Ernest & Young as the administrators.
Lloyds and the National Asset Management Agency have called for Irish developer and main shareholder Real Estate Opportunities to repay £324 million of debt. Real Estate Opportunities is the subsidiary of Irish property tycoon duo Johnny Ronan and Richard Barrett used to buy Battersea Power Station in 2006. There is now a total of £502 million of debt attached to the site.
It has been indicated by sources close to the banks that an interested party, Malaysian property developer SP Setia, may still buy the site, and effectively stop it from entering an administration process. Lloyds is said to have rejected a recent second bid to acquire the power station by buying up its bank debt from SP Setia this week, as the bank was not satisfied with the related conditions or the deposit offered.
With the power station in administration Lloyds could consider proposals from Roman Abramovich and Chelsea FC, which is interested in the site for a new stadium. British Land and private equity firm Blackstone are also thought to have expressed an interest.
The site has planning consent for the build of 3,400 new homes and 900,000 sq. metres of retail and office space.
The company is an independent environmental consultancy that addresses groundwater and surface water management for clients within the UK.
Maintaining a fully stocked warehouse, the company provides a wide range of oak stair parts, mouldings, joinery parts, doors and flooring.Products can be designed and manufactured in-house to bespoke client requirements.
The company is a reputable provider of temporary and permanent office staff, serving West London and the surrounding regions, with placements ranging from entry roles to managing directors.
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