Barclays near to Imry sale
Sunday 09 February 1997
Barclays took the company over when it collapsed in 1992 and has been negotiating for several months to dispose of it. Imry owns the Shires shopping centre in Leicester as well as a large site awaiting development in the centre of Southampton. It now has only one bidder, the Dutch property fund Rodamco, following the withdrawal of the publicly quoted Chelsfield last week.
Rodamco is believed to have offered just under pounds 450m gross, while Chelsfield's offer was "some tens of millions" below that, industry insiders say. Elliott Bernerd, chairman of Chelsfield, said at the time of the pull-out that his group "was not prepared to chase values beyond those with which we were comfortable on a long-term basis".
The central issue is the cost of developing the Southampton site, which has planning permission for one of the largest retail centres in Europe. The estimated cost is pounds 300m, but it seems that Chelsfield and other bidders, including British Land, are taking a more pessimistic view than Rodamco.
Imry is the only non-financial company owned by Barclays and has been a running source of embarrassment. The bank funded a highly geared buyout at the peak of the boom, in 1989 and had to convert its debt to equity - in effect taking ownership - when Imry collapsed three years later. It also wrote off pounds 190m of debt.
- 1 Windows 10: man updates PC, wakes up to find porn slideshow on repeat
- 2 The 'world's most beautiful vagina' has been debunked by science
- 3 John Green schools morning show hosts after awkward interview with Cara Delevingne
- 4 Supermodel Gisele Bundchen mocked for wearing a burka to avoid being seen visiting plastic surgeon in Paris
- 5 Bulletproof armadillo puts Texas man in hospital after shot bounces off hard shell
Whoopi Goldberg tells Cara Delevingne to suck it up: 'She's not famous. I'M famous'
John Green schools morning show hosts after awkward interview with Cara Delevingne
Supermodel Gisele Bundchen mocked for wearing a burka to avoid being seen visiting plastic surgeon in Paris
Bulletproof armadillo puts Texas man in hospital after shot bounces off hard shell
'Rowdy' Roddy Piper dies: Wrestling legend dies aged 61, according to reports
Yvette Cooper: Our choice is years of Tory rule under Jeremy Corbyn – or a return to a Labour government
Is Britain really full up? Are migrants taking our jobs? Leading academic answers the most common anti-immigration claims
Calais Migrant Crisis: Deputy Mayor of Calais labels Cameron's use of 'swarm' as 'racist' and 'ignorant'
Labour leadership: New poll shows party is now even 'less electable' than under Ed Miliband
While we fixate on Calais, the Home Office is quietly deporting dozens of migrants on 'ghost flights'
Calais crisis: The seven claims made about the migrants - and the reality
iJobs Money & Business
£30000 - £35000 per annum: Recruitment Genius: This is an exciting opportunity...
£13000 - £15000 per annum: Recruitment Genius: Are you passionate about custom...
£22000 - £25000 per annum: Recruitment Genius: Main purpose: Under the directi...
£35000 - £37000 per annum + benefits : Ashdown Group: Contracts Manager - City...