Administrators appointed to All Points North

STRUGGLING Cumbrian property group All Points North has fallen into administration.

The AIM-listed business, based in Penrith, was thrown a lifeline in May when its bank, the Clydesdale, agreed to extend funding until September 30 to give it time to sell off properties.

However the bank’s patience ran out and today the firm said support had been withdrawn.

As a result Paul Stanley and Kenneth Pattullo of the accountacy firm Begbies Traynor have been appointed to the business.

“The directors will be working with the administrators to try and ensure that the business is saved in part or as a whole,” said the firm in a stock market statement.

Set up in 1993 All Points North was controlled by Bernard Chadwick, John Lyons and John Elliott. It has a number of commercial properties in Penrith, Kendal, Carlisle and Blackpool.

The firm, suspended on AIM since March, will cease to be quoted on September 17.

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