Tudhope back in the running

IAN Tudhope, who ran Sir David Murray's property interests until the end of last year, has returned to business with a new company and has not ruled out doing deals with his former boss.

Tudhope, who was managing director of Premier Property Group, has ruled out using his firm, Blue Train Properties, as an acquisition vehicle for Murray-owned assets. But when asked if he had plans to work in partnership with his former boss he said: "Nothing is impossible."

Tudhope said the firm was not currently trading but was "set up in readiness" for projects including consultancy and deals.

A lawyer by training, Tudhope resigned from PPG after 23 years amid speculation that the group was seeking a new direction as it attempted to sell parts of its property portfolio to pay debts.

He left before the group's parent company, Murray International Holdings, agreed a 150 million restructuring of its 759m debt with its bankers Lloyds Banking Group.

He declined to comment on his departure at the end of November last year.

According to PPG's most recent accounts, the firm made a 3m pre-tax loss of in the 17 months to 30 April 2009, compared to a 1.7m profit in the 12 months to the end of 2008. The firm wrote 3.3m off the value of its portfolio.

Subsequent to Tudhope's departure, PPG sold an office development at 141 Bothwell Street, Glasgow for 66.5m. PPG's other properties include Princes Mall in Edinburgh and offices in London.