Brixton, the industrial property group that recently sacked its chief executive, said it could breach borrowing agreements if property values fall a further 10 per cent by the summer.

The company remains in talks about potential equity-raising measures to address its debt position although it declined to give details. Peter Dawson, its new chief executive, said Brixton “was working flat out” on the various options, including a rights issue, asset sales, joint ventures and renegotiating debt financing.