BusinessBusiness RecoveryCentre Point owner Targetfollow facing administration threat

Centre Point owner Targetfollow facing administration threat

Norwich based developer faces High Court battle with Lloyds Banking Group to stave off administration

Norwich-based property developer Targetfollow faces the prospect of
administration after Lloyds Banking Group petitioned the court over the
company’s £700m debt.

Targetfollow, which owns the Centre Point tower in the West End of London, is
expected to fight the High Court proceedings to put the company in
administration.

It has been fighting against administration since a third of its £700m debt
to Lloyds expired in July, reports the Financial Times, attempting to
sell assets or bring in equity through new partners.

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