BREFL Appoint PwC as Administrators
David Chubb and Stephen Le Page fr om PwC have been appointed joint administrators of the British Real Estate Fund Limited (BREFL), which runs a commercial property portfolio.
Chubb and Rob Hunt of PwC have been appointed fixed charge receivers over the properties of the subsidiaries of BREFL. The fund has four subsidiaries, British Real Estate Investments Limited (Guernsey), Liverton Limited (British Virgin Islands), Westcycle Properties Limited (British Virgin Islands) and PTH (Morgan) Lim ited (Jersey).
BREFL has a turnover of approximately £6.5m a year with 24 properties across the UK. There are no employees and therefore no redundancies.
Chubb, partner and joint administrator, PwC, said: ‘The fund comprises commercial property situated across the country and it has therefore been fully exposed to the challenges of the UK property market. Insolvency was inevitable once all alternative options had been exhausted.’
PwC says it has appointed Commercial Estates Group (CEG) as asset managers in order to invest capital and management into the property portfolio with the aim of realising a better return for the creditors over the medium term than might be achievable in the short term.