BusinessCompany NewsCity Lofts calls in E&Y as administrators

City Lofts calls in E&Y as administrators

City Lofts has appointed E&Y as administrators after succumbing to Britains’s housing downturn

Inner-city property developer City Lofts Group Limited said on Friday that it
had appointed
Ernst
& Young LLP
as administrators of the firm, becoming one of the first
high profile casualties of UK’s housing downturn.

Under the prompting of creditor HBOS unit, Bank of Scotland, privately owned
City Lofts Group Limited, put 250 unsold apartments in several regional English
cities under receivership in a separate move earlier this week, according to
Reuters.

The group is part-owned by US investment bank Lehman Brothers and private
equity firm JER Partners.

A statement from City Lofts said the directors had appointed Ernst &
Young partners and directors Maggie Mills, Angela Swarbrick and Charles King as
administrators of the group.

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