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City Lofts in administration

Monday, 7 July 2008

Residential developer City Lofts has become the highest profile victim of the severe UK housing downturn.Ernst & Young was appointed administrator on Friday.

Receivership

City Lofts Group Ltd and City Lofts Development Ltd have been placed in administration.

Individual holding companies carrying out specific developments in Liverpool and Sheffield have not been placed in administration.

Ernst & Young said it will review the companies in administration with the aim of continuing the current developments under construction.

The company was formed in 1996 and was floated on AIM being taken private in January 2007 when an investment vehicle owned by JER Partners and Lehman Brothers bought a 30% stake.

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