Administrators appoint GVA to sell Oakglade portfolio
By Bridging Loan Directory -
A portfolio of 90 properties and land sites which had been owned by Manchester-based Oakglade investments is now being prepared for sale after administrators were appointed to the company.
David Costley-Wood and Brian Green from KPMG’s North West restructuring team were appointed as joint administrators of Oakglade Investments and an associated company, Greyline Estates, on March 13.
Both firms were based at the same address at Mauldeth Road West in Chorlton. Oakglade Investments was owned and run by Zafar Ahmed, while Greyline (which owned seven North West properties) was also run by Zafar Ahmed but was owned by Nurgis Ahmed.
Oakglade’s portfolio of properties is spread around the UK and includes residential, retail and commercial units as well as land assets. Companies House records show that the value of the portfolio dropped from around £14.3m in 2008 to £11.2m in 2010. The firms also both recently lost a case in the Court of Appeal over a dispute involving three properties in Ellesmere Port in which they alleged breach of contract.
Administrators have now instructed GVA to value the portfolio, manage the properties and organise the sales.
Joint administrator, David Costley-Wood, said: “Once all the premises are secured, we will be actively seeking a buyer for all of the companies’ assets.”