A GROUP of property companies involving one of the country's best-known entrepreneurs has collapsed amid the downturn in the market.
Receivers have been appointed to six companies in the Real Corporation stable, which is part-owned by Richard Emanuel, the mobile phone tycoon.
The companies own 113 residential and four commercial properties in Glasgow, Belfast and London which have been put up for sale.
They form part of a portfolio of interests which Monaco-based Mr Emanuel developed using some of the £42 million proceeds of the sale of the bulk of the DX Communications business he developed to BT in 1999.
Filings by the receivers to four of the companies concerned say they were appointed by Bank of Scotland after failing to repay some of the funds they borrowed from the lender as required.
Under its former commercial chief Peter Cummings, the bank provided enthusiastic backing for property investors during the boom which turned into bust after the credit crunch set in 2007.
This left the bank sitting on hefty losses on a portfolio of loans which many lenders struggled to service.
Now aged 44, Mr Emanuel developed the Real Corporation interests with William Alasdair Lindsay, an architect.
In 2009, property experts said the Real Corporation companies had net assets worth at least £30m.
Ernst & Young, the big four accountant, said its Fiona Taylor and Colin Dempster were appointed joint receivers of The Real Corporation Limited, The Real Corporation (Ecosse) Limited, The Real Corporation (Metropolitan) Limited, The Real Corporation (NI) Limited, The Real Corporation (European Group Holdings) Limited and the Real Corporation (Blythswood) Limited in December.
Mr Emanuel resigned as a director of all six companies in August. Ms Taylor and Mr Dempster were appointed joint administrators of AJD Studios Limited, a related company, last month. The ultimate parent company of the firms concerned is based in Jersey.
Ms Taylor said: "All of the companies have felt the effects of the property downturn. All properties continue to be fully serviced by property managers and agents have been appointed to market the properties for sale."
Contacted by The Herald, Mr Emanuel confirmed he was an investor when the firms went into receivership or administration.
He declined to say how much he had invested.
Asked if he still invested in commercial property, Mr Emanuel said: "I don't have any comment to make. This was a small interest for me."
The receivers will hold creditors meetings for the Real Corporation companies concerned on March 14.
Mr Lindsay could not be contacted.
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