Cumbrian portfolio comes to market

Administrators at Begbies Traynor in Manchester and Glasgow have put up for sale a portfolio of nine properties previously owned by Penrith-based property company All Points North.

Hyde Harrington Chartered Surveyors have been appointed to dispose of six sites in Barrow-in-Furness, Kendal, Wigton, Penrith and Carlisle, and the firm is actively marketing the properties. Other agents to be appointed in the coming weeks will market three further properties.

Paul Stanley, of Begbies Traynor, said: "Over the past few years we have seen a lot of residential and buy-to-let receiverships. However, as knock-on effects of the credit crunch continue to spread, we are now seeing more commercial insolvencies, even from initially well funded borrowers, and APN is a perfect example of this."

Ken Pattullo, also of Begbies Traynor, added: "We have seen a considerable number of properly failures both in Scotland and throughout the UK, but APN's demise shows that no part of the country is now immune from the economic problems facing us, even amongst the publicly quoted sector.

"However, we believe the properties themselves will be attractive to any investor and we are hopeful of achieving sales and securing tenants. In the meantime, the portfolio will continue to be actively managed."

At this stage the joint administrators do not anticipate a significant return to unsecured creditors. APN was established in 1993.

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