News Article

Business Recovery & Insolvency

Kenmore Property Group Ltd - In Administration

By CreditMan Thursday, November 12, 2009

The directors of the Kenmore Property Group of Companies have appointed Rob Caven and Martin Ellis of Grant Thornton UK LLP Joint Administrators of 21 companies within the Group. Rob Caven and Martin Ellis have also been appointed Joint Receivers of two other companies within the Group.

In addition, they have been appointed Joint Administrators to a connected company, Kenmore Private Equity Limited.

The Kenmore Property Group is a co-investing, trading and development property group active in the UK, Europe and the Middle East. The Group manages in excess of 1 billion of investments together with a substantial development pipeline.

As regards Group appointments, Caven and Ellis have been appointed to Kenmore Property Group Limited, Kenmore Investments Limited, various Kenmore Capital fund companies, and two single property vehicles, Kenmore Snowhill Limited and MK Manchester Limited. The remaining property investment funds in which the Group has invested or provides management services to are not the subject of insolvency proceedings.

The Kenmore Property Group of Companies is headquartered in Edinburgh. Together with Kenmore Investments Limited it employs 50 staff across the UK with offices also situated in London, Manchester, Leeds, Birmingham and Bristol.

"Funding has been secured from Lloyds Banking Group to enable us to continue to trade the business while we explore with the Group's stakeholders 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. Our immediate objective is business as usual", commented Rob Caven, Partner at Grant Thornton's Recovery and Reorganisation practice.

The list of appointments are as follows:

Kenmore Property Group Limited - Administration
Kenmore Investments Limited - Receivership
Kenmore Capital Limited - Administration
Kenmore Capital 2 Limited - Administration
Kenmore Capital 3 Limited - Receivership
Kenmore Capital Alfreton Limited - Administration
Kenmore Capital Cuprum Limited - Administration
Kenmore Capital Leeds Limited - Administration
Kenmore Capital Middlesbrough Limited - Administration
Kenmore Capital Moulton Limited - Administration
Kenmore Capital Plymouth Limited - Administration
Kenmore Capital Tipton Limited - Administration
Kenmore Capital Tipton 2 Limited - Administration
Kenmore Capital Glenrothes Limited - Administration
Kenmore Capital Northbank Limited - Administration
Kenmore Capital Portfolio Limited - Administration
Kenmore Private Equity Limited - Administration
Kenmore Snowhill Limited - Administration
Black Button Limited - Administration
Gothic Font Limited - Administration
Number Rule Limited - Administration
MK Manchester Limited - Administration
KAV Management Limited - Administration
Ashchurch Corston Limited - Administration

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