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.'
An exciting opportunity to acquire this kitchen and bathroom business which operates from immaculately presented showroom premises fronting a commanding high street position.
LEASEHOLD
A magnificent opportunity to acquire this long established restaurant and takeaway which occupies one of the best trading positions in the heart of Leeds city centre.
LEASEHOLD
An exciting opportunity to acquire one of the region’s longest established carpet and flooring retailers and interior design businesses – our clients are seeking to retire after over 30 years. The business occupies a superb and prominent trading posi...
|
27
|
|
Nov
|
Debt collectors BPO take out loan to buy rival | BUSINESS SALE
Ayrshire-based debt recovery firm BPO Collections has receiv...
|
27
|
|
Nov
|
Brighton i360 looking for new owners | ADMINISTRATION
The company behind Brighton’s i360 viewing pod has fil...
|
27
|
|
Nov
|
Rollstore moves to employee ownership | BUSINESS SALE
Derbyshire-based materials handling equipment company Rollst...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
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.