Kenmore calls in administrators

Developer and investor Kenmore, which has an office in Manchester and assets around the region, has appointed Grant Thornton as administrator on the 21 companies in the group.

Kenmore's North West portfolio includes Chester Gates Business Park in Chester, Puma Court in Knowsley, Jackson House in Sale, 196 Deansgate, Manchester and the Syndicate nightclub in Blackpool.

Not affected is the recently refurbished office building 1 Tithebarn in Liverpool city centre which is owned by the Arc Property Fund in a joint venture between Kenmore and Legal & General. The listed Kenmore European Industrial Fund is also not affected.

Rob Caven, partner at Grant Thornton, said: "Funding has been secured from Lloyds Banking Group to enable us to continue to trade the business while we explore potential restructuring opportunities.

"While there will undoubtedly be some uncertainty at this time our plans for the continued trading of the group should avoid any immediate disruption to the funds that are owned and/or managed by the group."

The Financial Times on Friday suggested managers at Kenmore could be about to buy back selected assets from administrators. Kenmore's main lender is Lloyds Banking Group. Its debt is reportedly around £700m.

Associate director Mark Robinson heads up the Manchester office. Former regional director Ben Roberts opened the Manchester office in 2002 and left in late 2008 to pursue a separate venture.

Kenmore is headquartered in Edinburgh. It employs 50 staff across the UK with offices also situated in London, Manchester, Leeds, Birmingham and Bristol.

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