Deloitte appointed administrators to EAIP
Liverpool-based Ethel Austin Investment Properties has fallen into administration.
Bill Dawson and Neville Kahn, from business advisory firm Deloitte LLP, have been appointed joint administrators to the company.
EAIP is a property investment company with an interest, either directly or by way of shareholdings, in some 86 joint venture companies, which own 300 properties.
Following the appointment, 106 properties were acquired by a connected company, believed to be Ethel Austin Properties Holdings, for consideration in excess of open market value.
Details of the specific parts of the business or developments being impacted upon were not disclosed by Deloitte when contacted by Place.
EAIP was formed over 40 years ago and has both residential and commercial properties in its portfolio.
Ethel Austin Investment Properties has 19 employees and no redundancies have been made.
The company has investments across the UK with the highest concentration of properties in the North West and North Wales.
Deloitte said EAIP has suffered from a deterioration in the commercial lettings market and underperformance in some of its joint venture investments, which led to this appointment.
Bill Dawson, partner at Deloitte, said: "We do not envisage the administration appointment having any impact on existing tenants and we will be meeting shortly with all relevant parties to implement a strategy for maximising value from the 200 properties remaining in the EAIP portfolio."
Last week, Ethel Austin Properties Holdings, which represents the property pension interests of the Austin family, refinanced with a new £100m funding facility with its banking partners Royal Bank of Scotland and Lloyds Banking Group.
EAPH also completed a restructuring of its board, with deputy finance director, Richard Crocker, becoming managing director and chief financial officer.
Former finance director, Andrew Lovelady, became non-executive director alongside non-executive directors Peter Bullivant and Stephen Laing.
