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Lloyds Sitting On £500M Loss From Property Group Targetfollow

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Administrators to two collapsed Targetfollow subsidiaries have raised £341m from the sale of properties such as Centre Point in London's West End, but this has only cut Lloyds' loss to £486m.

Targetfollow was founded by entrepreneur Ardeshir Naghshineh, who attempted to buy Woolworths, but the subsidiaries' debts mean Lloyds is facing one of the largest single property losses from the recession, reports Property Week.


However, most of the remaining properties are thought to be outside London and are not as valuable as Centre Point or International House, which was bought by Gerald Ronson's investment club for £63m. Therefore, Lloyds potentially faces a final loss of close to £400m.

Nice, still I bet the people who organised all of these loans got a nice end of year bonus for helping to orchestrate such massive loans...

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