Property investor’s �700m debt battle
One of East Anglia’s most prominent property investors will today launch an attempt to reach an agreement with Lloyds Banking Group to avoid the threat of his company going into administration over a �700m debt.
Norwich-based Targetfollow, which has a portfolio of properties worth hundreds of millions of pounds, has been unable to pay back a three-year �234m loan, which expired in July, and a second three-year loan of more than �400m, which expires today.
Yesterday Targetfollow owner Ardeshir Naghshineh said the negotiations with Lloyds did not affect “day-to-day” operations of the business which he said was “performing extremely well”.
Targetfollow is preparing to present a final business plan to Lloyds this morning in an attempt to reach an agreement on a way forward, which may involve the company bringing on board a new partner.
If it fails, the bank could force the company into administration, though it is believed Targetfollow will seek to challenge any such attempt.
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The two parties remain in dispute over the value of Targetfollow’s assets, with the bank putting the figure at about �405m and Targetfollow at about �680m.
In July, Targetfollow avoided administration after seeking the help of Norfolk MPs who secured more time for the company to come up with alternatives.
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