Bruce Cartwright and Graham Frost of PricewaterhouseCoopers LLP were appointed as Joint Receivers to Kilmartin Holdings Limited and Kilmartin Property Group Limited and Joint Administrators to Annfield Assets Limited on 7 January 2009.
The Companies have a number of subsidiary and fellow group companies that remain solvent and are not subject to an insolvency process. The Kilmartin Group (the Companies and their subsidiaries) has an investment portfolio in the UK of industrial, office and retail properties, development sites and interests in property related joint ventures.
Kilmartin Property Group, with South Lanarkshire Council, developed Playsport Scotland, a massive 100-acre £20m multi-sports complex combining golf, football, tennis and swimming. The golf course was opened by Colin Montgomery last August.
Among Kilmartin’s other golfing interests is also believed to be the freehold of a well-established golf driving range in west London.
Graham Frost of PricewaterhouseCoopers LLP, said: “Following the well documented slowdown in the property market, the directors have re-evaluated their longer term strategy, including a potential refinancing of the Group. After discussions with the existing lenders, the decision has been taken to place these holding companies into Receivership or Administration.
“Our immediate priority will be to review the existing position, explore options and to develop an effective strategy for the businesses. During this process, we will work with all stakeholders and employees and would also like to reassure the existing tenants of the properties that this process will have minimal impact on them.”
Kilmartin Holdings Limited and Annfield Assets Limited own shares in a number of property owning subsidiary companies. Kilmartin Property Group Limited owns seven properties directly and Annfield Assets Limited owns 32 properties directly.