INDUSTRY NEWS

Commercial property group Mapeley warns of insolvency

Commercial Property group Mapeley has warned it will become insolvent unless shareholders take up its new bond issue.

The firm says it does not have sufficient money to stay afloat and needs to raise £48 million.

According to the Sunday Times, Mapeley told investors: “If the transaction does not proceed … Mapeley Group may become insolvent or unable to continue trading.”

Mapeley owns and manages 2.3 million sq metres of commercial property and has a contract with the Inland Revenue.

Recent commercial property price falls have hit the biggest and well-prepared London firms.

The Office for National Statistics (ONS) has said property orders fell nine per cent in the last quarter.

Choregus highlighted that ONS figures revealed orders in the commercial property sector dropped 27 per cent over the course of the year.
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