Kilmartin Holdings collapses into administration
Kilmartin Holdings, the Scottish developer-investor whose assets include industrial park Hyde Point in Manchester and Broughton Retail Park, Chester has been placed in administration.
The Edinburgh-based company opened a North West office in Manchester's King Street in summer 2008 but this has since closed. Its assets include a joint venture with Bluemantle to refurbish the Victorian Miller Arcade in Preston, Trinity Park in Bootle, industrial space in Winsford and Skelmersdale and offices in Salford, Denton and Liverpool.
Kilmartin is owned jointly by Bank of Scotland, now part of Lloyds Banking Group, and chairman Ian Wotherspoon, who founded the firm in 1996.
Bruce Cartwright and Graham Frost of PricewaterhouseCoopers have been appointed as joint receivers or administrators to Kilmartin Holdings and Kilmartin Property Group, in receivership, and Anfield Assets, in administration. There are several subsidiairies and associated companies not insolvent.
PricewaterhouseCoopers' Frost said: "Following the well documented slowdown in the property market, the directors have re-evaluated their longer term strategy, including a potential refinancing of the group. After discussions with the existing lenders, the decision has been taken to place these holding companies into receivership or administration. Our immediate priority will be to review the existing position, explore options and to develop an effective strategy for the businesses. During this process, we will work with all stakeholders and employees and would also like to reassure the existing tenants of the properties that this process will have minimal impact on them."
