The report from MCR says Davenham was founded in 1982 as a privately owned finance firm, lending in the property, asset finance and trade finance sectors.
Manchester finance firm Davenham Group crashed owing its banks nearly 65m, a report out today reveals.
David Nike Air Max Blue And Green Whitehouse, Philip Duffy and Matthew Bond, of MCR, have submitted an update report which states Davenham's lenders are out of pocket to the tune of 64.8m.
But, the report, adds there was a slower than expected recovery of Davenham's property loan portfolio and a second strategic review Air Max 90 Black Essential
Davenham Group crashed owing
Its loan book shrunk from 144.2m to 65.1m and, in the meantime, the firm saw off two attempts from rebel shareholders to oust managing director Paul Burke and chairman James Kerr Muir.
Administrators managed to collect 3.3m from the group's loan book by the end of November and Davenham's group of companies had around 750,000 cash banked at the time it crashed.
its banking syndicate, as well as largest shareholder Kingswood Property Finance and third firm Moor Park Capital Partners, with a view to reviving its loan book but that ran out a month later.
It adds two payments of 1.8m have been made to its banks but that there will be "insufficient realisations" to enable the syndicate to be repaid in full.
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"The group also suffered increasing pressure due to its financial covenants under its banking facilities, such that a full strategic review was undertaken and new, two year facilities were agreed in March 2009, which anticipated a phased reduction in its banking facilities from 215m as the property loan portfolio was recovered."
And the lender's administrators have failed to find a buyer for the group, which collapsed in October after its banking syndicate refused to renew its facility, despite receiving six expressions of interest.
creditors are also unlikely to see a penny of the 204,546 they are collectively owed.
In February 2011, Davenham entered into an exclusivity agreement with Air Max 90 Ultra Br - Black/Black
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Davenham's unsecured trade and expenses Air Max 90 Purple Black White
It later listed on the AIM market but was hit by the 2008 credit crisis. The report states: "At this time, the group had substantial exposure within its property finance business, which it immediately sought to redress by ceasing lending in this area, together with small ticketing leasing and professional loans in its asset finance division.
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took place in summer 2010, which led to the recommendation it should call in its loans and stop writing any new business.
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