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8:51 am, November 13, 2009
Kenmore collapses into administration

By Simon Binns

Edinburgh-based Kenmore Property Group, which has an office in Pearl Assurance House on Manchester’s Princess Street, has gone into administration.

The group, which borrowed heavily from HBOS during the property boom, is understood to owe more than £700m to Lloyds Banking Group. Grant Thornton has been appointed as administrator.

Kenmore Property Group comprises 21 separate companies, with assets thought to be worth about £1.8bn, in towns and cities including Manchester, Leeds, Middlesbrough and Plymouth. Kenmore owned the 196 Deansgate building in Manchester city centre and Jackson House in Sale.

Grant Thornton has been appointed receiver for two of the firm’s funds and is also administrator for Kenmore Private Equity. Other Kenmore funds are not in administration, such as the Kenmore European Industrial Fund.

John Kennedy, chairman of Kenmore Property Group and main shareholder, was worth £108m in 2008, according to The Sunday Times Rich List,

Comments?sbinns@crain.com

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