Kenmore Property Group, which collapsed into administration last week, owes more than £700m to Lloyds Banking Group. <br /><br />Kenmore, which controlled £1.8bn of assets, was put into administration last Thursday by Grant Thornton, after becoming incapable of meeting any of its existing business obligations as a result of falling home sales.<br /><br />Owned by one of Scotland’s wealthiest men, John Kennedy, Kenmore made a loss of £85.7m in the year to June 2008. But HBOS’s Peter Cummings – known for splashing cash at property secured ventures – agreed £875m of refinancing a month before he left his post as commercial property director, allowing the firm to trundle on. <br /><br />Lloyds has now agreed to extend emergency funding so that the firm can continue to trade as a going concern, but 21 of the Kenmore Group’s companies have been placed into administration and a further two into receivership. It is believed managing director Rob Brook is in talks about leading a management buyout for certain parts of the business.<br /><br />Lloyds was also facing this weekend a further £600m hit from collapsed pub chain Admiral Taverns, as a result of its merger with collapsed HBOS last year. <br /><br />The proposed debt-for-equity swap will come this week in the form of a pre-pack administration – with Lloyds taking control of the pub chain.