MCR appointed as Davenham’s administrator
By Bridging Loan Directory -
Davenham the listed finance group, was formally placed into administration yesterday.
The Manchester company, which owes its banks more than £80m, has been placed into the hands of insolvency firm MCR.
Davenham’s shares were suspended on October 3 and the group said that administrators would be appointed after its banking syndicate refused to renew its facility.
The company was plunged into trouble by the financial crisis due to major write-downs in the value of loans made against properties.
In March, Davenham said that the size of its loan book had reduced to £65.1m by the end of 2010, although it still owed the banking syndicate £86.3m.
In a statement Davenham said: “The company confirms that all members of the group have now entered into administration.
“David John Whitehouse, Philip Duffy and Matthew Bond of MCR were appointed as joint administrators, for each member of the Group, on 17 October. “