Targetfollow Estate Ltd in talks with distressed investment specialists

According to an article in The Times, Targetfollow Estate Ltd, the property developer is in talks with distressed investment specialists following a formal warning from Lloyds Banking Group Plc that it could put the company into receivership.

The bank is rumoured to have arranged for Deloitte to act as administrator if a solution to the problem cannot be found without attribution.

Targetfollow Estate Ltd owes Lloyds about £700m yet the bank has received a valuation of the developer’s assets to the tune of just £450m after commercial property assets have plummeted since 2007, when the original loan was taken out.

Targetfollow Estate Ltd, which is advised by PricewaterhouseCoopers, offered a five-year turnaround plan to Lloyds, which was subsequently rejected.

Following the toxic bank debt sell off, increased commercial debts and diving commercial property values, on which most of the bank borrowing is secured upon, this scenario is becoming all too familiar and increasingly banks are turning to commercial debt recovery and corporate debt recovery specialists to collect on their debts.

CCDR (Corporate Credit Debt Recovery Ltd) is a leading UK Debt Recovery specialist with international reach and a client base of SME’s and multinational organisations. Our services include:  Corporate Debt Recovery and Debt Collection, Commercial Debt Mediation & Dispute Resolution, Business Reports, Outsourced Credit Control and Debtor Tracing