Myers set to buy Imry off Barclays

One of Britain's leading property developers is set to cash in for a second time on the company that forced Barclays Bank to write-off a record pounds 200m, victim of the biggest-ever default on a property loan.

Martin Myers is planning to buy Imry, one of the best-known property developers to spring up in the late-1980s property boom, from Barclays, eight years after netting pounds 15m from its sale to a heavily indebted company backed by the bank. Barclays was left owning Imry after Marketchief, the company to which it lent pounds 200m at the peak of the last property cycle, collapsed.

As well as the pounds 15m he made in 1989 when he and fellow developer Martin Landau sold Imry for pounds 314m to Marketchief, Mr Myers has struck a secret deal with the bank which will give him a further unspecified payout on the final unwinding of Imry, which he has managed throughout the various phases of its ownership. It is understood he will receive that incentive even if he himself is the ultimate buyer of the company.

If Mr Myers is successful in his bid to buy what remains of Imry after the sale last month of most of its assets to Rodamco, a Dutch property company, he may stand to make a third fortune from the company if he is successful in building it up and selling or floating it on the stock market.

The proposed deal would give Mr Myers control of a planned pounds 250m shopping centre development in Southampton, that has yet to be built, and an investment portfolio worth an estimated pounds 118m. Last month, Imry's other assets, including the Shires shopping centre in Leicester and Distillers House, an office block in Hammersmith, were sold to Rodamco for pounds 249m.

Barclays, which has always made clear that it was only holding Imry for resale under the management of Mr Myers, was originally negotiating a sale of the whole of Imry to Rodamco, but Chris Bartram, head of the Dutch company's UK arm, pulled out only hours before the signing of final contracts.

He is understood to have had second thoughts about the value of the Southampton development. Chelsfield, another potential buyer of Imry, also pulled out of negotiations after due diligence on the Southampton site.

A Barclays spokesman would not comment on any incentive payments it plans to make to Mr Myers on the final disposal of Imry nor on whether it was negotiating a sale to him. The bank simply said it was no longer in discussions with Rodamco, which was rumoured to have re-opened negotiations over the Imry assets it failed to buy last month.

The imminent resolution of Barclays' Imry problem will bring to an end one of the bank's most embarrassing loans. When Imry was sold to Marketchief it was making profits of only pounds 22m but Barclays was prepared to lend pounds 200m to an acquisition vehicle that required upwards of pounds 50m a year simply to service its debts.

When the assumptions on which Marketchief was premised - falling interest rates and rising asset values which would allow disposals to fund debt repayments - failed to materialise, the company went under. It had been set up with just pounds 5m of equity and more than pounds 300m of debt.

Barclays was the most active bank in the fevered property lending market of the late 1980s, specialising in so-called relationship banking in which it backed such individuals as Gerald Ronson, of Heron International and Speyhawk's Trevor Osborne.

News
people
Arts and Entertainment
'New Tricks' star Dennis Waterman is departing from the show after he completes filming on two more episodes
tvOnly remaining original cast-member to leave crime series
Sport
Frank Lampard and his non-celebration
premier leagueManchester City vs Chelsea match report from the Etihad Stadium
Sport
Esteban Cambiasso makes it 3-3
premier league
PROMOTED VIDEO
Sport
Mario Balotelli celebrates his first Liverpool goal
premier leagueLiverpool striker expressed his opinion about the 5-3 thriller with Leicester - then this happened
News
people'I hated him during those times'
News
Britain's shadow chancellor Ed Balls (L) challenges reporter Rob Merrick for the ball during the Labour Party versus the media soccer match,
peopleReporter left bleeding after tackle from shadow Chancellor in annual political football match
Arts and Entertainment
Female fans want more explicit male sex in Game of Thrones, George R R Martin says
tvSpoiler warning: Star of George RR Martin's hit series says viewers have 'not seen the last' of him/her
News
i100
News
Dame Vivienne Westwood has been raging pretty much all of her life
peopleFirst memoir extracts show she 'felt pressured' into going out with the Sex Pistols manager
News
ebooksAn unforgettable anthology of contemporary reportage
Arts and Entertainment
Lauryn Hill performing at the O2 Brixton Academy last night
musicSinger was more than 90 minutes late
Sport
Lewis Hamilton in action during the Singapore Grand Prix
Formula OneNico Rosberg retires after 14 laps
News
i100
News
Rumer was diagnosed with bipolarity, attention deficit hyperactivity disorder and post-traumatic stress disorder: 'I was convinced it was a misdiagnosis'
peopleHer debut album caused her post-traumatic stress - how will she cope as she releases her third record?
Arts and Entertainment
tvReview: 'Time Heist' sees a darker side to Peter Capaldi's Doctor
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Senior BA - Motor and Home Insurance

£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...

Market Risk & Control Manager

Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...

SQL Developer - Watford/NW London - £320 - £330 p/d - 6 months

£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...

Head of Audit

To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...

Day In a Page

Scottish referendum: The Yes vote was the love that dared speak its name, but it was not to be

Despite the result, this is the end of the status quo

Boyd Tonkin on the fall-out from the Scottish referendum
Manolo Blahnik: The high priest of heels talks flats, Englishness, and why he loves Mary Beard

Manolo Blahnik: Flats, Englishness, and Mary Beard

The shoe designer who has been dubbed 'the patron saint of the stiletto'
The Beatles biographer reveals exclusive original manuscripts of some of the best pop songs ever written

Scrambled eggs and LSD

Behind The Beatles' lyrics - thanks to Hunter Davis's original manuscript copies
'Normcore' fashion: Blending in is the new standing out in latest catwalk non-trend

'Normcore': Blending in is the new standing out

Just when fashion was in grave danger of running out of trends, it only went and invented the non-trend. Rebecca Gonsalves investigates
Dance’s new leading ladies fight back: How female vocalists are now writing their own hits

New leading ladies of dance fight back

How female vocalists are now writing their own hits
Mystery of the Ground Zero wedding photo

A shot in the dark

Mystery of the wedding photo from Ground Zero
His life, the universe and everything

His life, the universe and everything

New biography sheds light on comic genius of Douglas Adams
Save us from small screen superheroes

Save us from small screen superheroes

Shows like Agents of S.H.I.E.L.D are little more than marketing tools
Reach for the skies

Reach for the skies

From pools to football pitches, rooftop living is looking up
These are the 12 best hotel spas in the UK

12 best hotel spas in the UK

Some hotels go all out on facilities; others stand out for the sheer quality of treatments
These Iranian-controlled Shia militias used to specialise in killing American soldiers. Now they are fighting Isis, backed up by US airstrikes

Widespread fear of Isis is producing strange bedfellows

Iranian-controlled Shia militias that used to kill American soldiers are now fighting Isis, helped by US airstrikes
Topshop goes part Athena poster, part last spring Prada

Topshop goes part Athena poster, part last spring Prada

Shoppers don't come to Topshop for the unique
How to make a Lego masterpiece

How to make a Lego masterpiece

Toy breaks out of the nursery and heads for the gallery
Meet the ‘Endies’ – city dwellers who are too poor to have fun

Meet the ‘Endies’ – city dwellers who are too poor to have fun

Urbanites are cursed with an acronym pointing to Employed but No Disposable Income or Savings
Paisley’s decision to make peace with IRA enemies might remind the Arabs of Sadat

Ian Paisley’s decision to make peace with his IRA enemies

His Save Ulster from Sodomy campaign would surely have been supported by many a Sunni imam