CIREF, the AIM listed property investor, lost £19.1m on its failed businesses with Modus Ventures.

Ciref invested in six shopping centres with Modus Ventures, Brendan Flood's Salford-based property development business which went into administration in May.

It has now bought back some of the sites and said it had agreed "in principle" to buy a £4.5m chunk of debt held by Royal Bank of Scotland over Birchwood Shopping Centre in Warrington for just £85,000. RBS decli......for the full story register now for free or login below...