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Lloyds Writes Off £450m On Pub Investment

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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........

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where are the arrests?


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.

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