Kenmore starts sell-off

Property fund Kenmore European Industrial – part of collapsed property firm Kenmore – yesterday announced it had sold a Paris property for €1.14m (£1.01m) in a bid to raise cash. Managing director Rob Brook, who is believed to be working on a management buyout of the firm, said that the sale demonstrated the group’s strategy of disposing of core assets. Kenmore, which controlled £1.8bn  of assets, was put into administration last Thursday by Grant Thornton, leaving Lloyds £700m out of pocket.