Property developer Iain Mercer has resigned from the company founded by his late father, blaming the “banking sector” for it being placed in administration.
Mercer, who took over on the death of former Hearts owner Wallace in 2006, issued a short statement yesterday confirming that he had resigned as managing director of Almondale Group, which includes Almondale Investments and Cosmopolitan Investments.
The Scotsman understands the debt was called in by Cerberus Capital Management which acquired Almondale’s debt from Lloyds Banking Group. The administrator, FTI Consulting, was called in last Tuesday. Managing director Simon Kirkhope did not wish to comment at this stage.
Mercer said: “Had my mother and co-director, Anne Mercer, and I received the support and necessary re-finance we tirelessly sought to acquire from the banking sector, the group would have continued to prosper. It was trading successfully and meeting its financial commitments to all creditors right up to the moment administration became a reality.”
Mercer said he was “extremely proud of our achievements”, adding: “Almondale and Cosmopolitan bow out as two respected and valued players in Scotland’s property market.”
He said he will be providing strategic advice to property clients through his new venture Elm.