David Ross considers dismantling debt-laden property firm Kandahar

first_imgSunday 26 September 2010 9:58 pm Tags: NULL Show Comments ▼ Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndo whatsapp More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgcenter_img David Ross considers dismantling debt-laden property firm Kandahar Share whatsapp THE CO-FOUNDER of Carphone Warehouse is set to break up his property empire and dispose of debt-laden assets, according to reports yesterday. David Ross has hired property consultants Jones Lang LaSalle and Cushman &Wakefield to advise on the options for his Kandahar Group retail property company, reported the Sunday Telegraph. Neither company could confirm the claims yesterday. There are several parties interested in puchasing the entire company, according to the reports, but Ross has begun to plan for a £230m sale of the Drake Circus shopping centre in Plymouth in case a bidder cannot be found. Ross has been using his own money to meet interest payments and keep Kandahar afloat since the firm breached banking covenants in December 2009. Kandahar was set up as a £500m joint venture with Morgan Stanley, but was badly hit by tumbling property values during the financial crisis.Ross was caught up in an FSA investigation after he inadvertently broke shareholder disclosure rules through Kandahar in 2008. He used his 20 per cent stake in Carphone Warehouse as security for Kandahar’s refinancing, but did not tell the boards of the companies. He stepped down from a series of high-profile roles at Carphone Warehouse, National Express and the London Olympic Games in the wake of the news, and prompted the FSA to declare an amnesty for the scores of other directors who had also pledged shares to back personal loans. Kandahar was unavailable for comment yesterday, while the on-duty manager at Drake Circus declined to comment. KCS-content last_img

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