by Shaun Milne
AN EDINBURGH based property group with a £1 billion investment portfolio has called in the receivers.
Fifty jobs are now understood to be at risk at Kenmore Property Group after administrator Grant Thornton was appointed today(thurs).
Tonight it was understood the group had managed to secure short term backing from Lloyds Banking Group to allow it continue trading meanwhile.
It was thought the breathing space will allow administrators to pore over options for potential restructuring.
Rob Caven, a partner at the administrators, confirmed that 21 companies within the group’s set up had been affected by the move.
He added: “While the insolvency of part of the Kenmore Group will create uncertainty for a number of parties, we will ensure that we liaise with all affected parties in order to minimise disruption to the funds that are owned and managed by the group.”