THE company behind the redevelopment of one of Birmingham’s landmark buildings Baskerville House has gone into administration.
Lloyds Banking Group has withdrawn its funding from Norwich-based Targetfollow with the company now seeking new investment.
Deloitte has been appointed administrators after the bank pulled the plug on two loans worth around £680m.
Targetfollow was set up in 1992 by Iranian businessman Ardeshir Naghshineh.
Targetfollow was behind the £30m office redevelopment of Baskerville House, in Centenary Square, and is currently planning to a new scheme called ‘Baskerville Wharf’.
The scheme would be in a similar vein to the mixed-use complex at Brindleyplace, alongside the Birmingham and Fazeley Canal behind Baskerville House.
It will feature hotels, shops, bars and restaurants as well as housing and student accommodation.
For the latest AIM and FTSE news, plus the West Midlands risers and fallers, go to our Shares & Markets section.Click here
Click here to sign up to receive our new South West business news...
