Saturday, July 5, 2008

Is HBOS the next B&B or next NR?

City Lofts survival fight ends in administration

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.

Posted by who stole my pension? @ 06:51 AM (860 views)
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3 thoughts on “Is HBOS the next B&B or next NR?

  • musn't grumble says:

    Nice to see “celebrity” property developers going down the pan – how long before Krusty and her property developer husband are forced to join the 5 year waiting list for a council house – although they will have to split up to actually get one.

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  • Didn`t Grant Bovey threaten to take legal action against anyone who suggested his business is in trouble ? The Telegraph should be hearing from his lawyers soon.

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  • little professor says:

    @2 Prof – yes, the exact quote was:

    ” I will sue anyone who says that Imagine Homes is in financial difficulty…. we have huge profits that have yet to materialise.

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