Lloyds Banking Group has used the ‘pre-pack’ administration process to restructure one of the largest private property developers in south-east England as it continues to work through the legacy of the former HBOS problem loan book.
The bank will become a major shareholder through swapping its debt for equity in a new company created to cherry-pick and develop some of the best schemes owned by Ashwell Property Group, including a 1.7m sq ft development next to Cambridge train station.
