Mon 7 Jul 2008
City Lofts heads into administration
Northern property developer City Lofts has gone into administration.The developer behind Salford Quays (pictured), who worked in close partnership with Terence Conran’s design business Conran and Partners, has been exposed to a series of falling property prices in the UK’s regional property market. Chief executive and founder Stuart Wright has asked the courts to appoint Ernst & Young as the firm’s administrator. Other parts of the company that handle regional developments in Manchester, Liverpool, Nottingham, Newcastle, Cardiff and Birmingham, were put into receivership last week.
City Lofts was formed in 1996. Taken over privately by an investment vehicle owned by JER Partners and the Lehman Brothers, the firm has suffered from the disappearance of buy-to-let investors from the market.
It has also emerged that celebrity property developer and buy-to-let guru Grant Bovey, who is best known for his marriage to Anthea Turner, is in talks with lender HBOS to restructure his struggling firm, Imagine Homes.
Posted by Marc Da-Silva
in Anthea Turner, City Lofts, Ernst & Young, Grant Bovey, HBOS, Imagine Homes, JER Partners, Lehman Brothers, News, Stuart Wright, Terence Conran on Mon 7 Jul 2008
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