Jump to content
House Price Crash Forum
Sign in to follow this  
R K

Lloyds Writes Off £450m On Pub Investment

Recommended Posts

http://business.timesonline.co.uk/tol/busi...icle6493371.ece

LLOYDS BANKING GROUP will lose an estimated £450m on Admiral Taverns, the pub giant, in what is believed to be one of the biggest write-offs it will be forced to take on a single investment.

The group’s Bank of Scotland arm had lent more than £850m to Admiral, owner of more than 2,000 pubs, to finance a string of acquisitions. But because of the market downturn, pub values have been slashed. The estate is now thought to be worth less than £500m and the bank is sounding out potential buyers of its debt.

Admiral was founded in 2004 and was built up by the Landesberg and Rosenberg families, who specialise in investing in property.

They put a minimal amount of equity into the group and used the bank’s money to fund its expansion. Bank of Scotland was reportedly repaid £110m from the disposal of 300 pubs in 2008, but that is the only return it has had. continues.......

More yellow weeds - Next results could be interesting........

Share this post


Link to post
Share on other sites
where are the arrests?

Indeed.

Taxpayer put around £17bn into Lloyds/Hbos initially I think.

So that's £1/2 billion of it right there.

For a company that was only started in 2004 (with little owner equity) £850m is quite a chunk of your lending.

Bank of Scotland really does appear to have been little more than a large scale property fraud.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   289 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.