Saturday, July 5, 2008
Is HBOS the next B&B or next NR?
City Lofts, the legendary property developer that brought us "loft living" has been put into administration. The company, is heavily exposed to falling property prices in regional cities, has been haemorrhaging money since last year. After fighting to save it, chief executive and founder Stuart Wright finally caved in yesterday, and asked the courts to appoint Ernst & Young as City Lofts' administrator. The owners are expected to recover little, if any, of their money. It was also unclear last night whether City Loft's biggest lender HBOS would lose money. Yesterday it emerged that celebrity property developer Grant Bovey - who is best known for his marriage to TV presenter Anthea Turner - is in talks with his lender HBOS to restructure his struggling buy-to-let, Imagine Homes.