Ethel Austin Investment Properties in administration
A NORTH West property investment company with interests in around 300 commercial and residential sites, has been placed into administration.
Deloitte, the business advisory firm has been appointed to Liverpool-based Ethel Austin Investment Properties, after a slowdown in the commercial lettings market and poor performance in some of its joint ventures.
The company, which was founded more than 40 years ago and employs 19 people, has no connection to the former retail business of that name.
Last week, a company called Ethel Austin Properties Holdings, which is registered to the same address, North House, 17 North John Street, Liverpool agreed a £100m refinancing deal with Royal Bank of Scotland and Lloyds Banking Group.
In a statement relating to the administration of Ethel Austin Investment Properties Deloitte said two senior figures in its turnaround business, Bill Dawson and Neville Khan had been appointed as joint administrators.
The company has an interest, either directly or by way of having a stake in 86 joint venture companies in around 300 properties.
Deloitte said it had already sold 106 properties to a “connected company” for a consideration “in excess of market value.”
The highest concentration of investment properties is in the North West and North Wales.
Bill Dawson, joint administrator said no redundancies had been made, adding: “We do not envisage the administration appointment having any impact on existing tenants and we will be meeting shortly with all relevant parties to implement a strategy for maximising value from the 200 properties remaining in the EAIP portfolio.”
