Modus in admin
Published: 29 June, 2009
Shopping centre developer Modus Ventures has been placed in administration with KPMG appointed as administrator. Modus Ventures was at the heart of a web of companies the entrepreneur Brendan Flood used to hold his property and retail interests.
As many as nine other companies holding individual sites, including schemes in Wakefield and Wigan, have also gone into administration. KPMG has warned the collapse is likely to be the first of many in the commercial property sector.
Richard Fleming, KPMG’s head of restructuring, said: “It is a large and complex group, with many lending institutions funding both completed and part-completed developments. We believe it will be one of the first in a long line of commercial real estate casualties.”
