Lloyds Banking Group (LBG) is facing a loss of at least £200m after Kilmartin, an HBOS-backed property company, went into receivership.
The Scottish based developer with offices in London, Sheffield and Edinburgh, owns office, industrial and retail sites across the UK.
HBOS pumped about £500m of loans into the company during the property boom but the portfolio is now worth about £300m, leaving the bank facing a £200m loss.
For the full story, see Monday’s newsletter. If you haven’t already subscribed, you can do so by clicking here.
