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Mountgrange Scotland dilemma

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Entrepreneurs Martin Myers and Manish Chande are considering their options after Bank of Scotland withdrew its support for two major development projects in Scotland.

As a result of the decision, their Mountgrange Capital and a number of subsidiaries were put into administration today, with Deloitte appointed as their administrator.

The two projects are the £300m mixed use scheme in Edinburgh and the 160-acre Phoenix Park, Linwood, Glasgow.

Both schemes have planning consent after protracted negotiations with local authorities, and now face an uncertain future.

Chande and Myers declined to comment, but it is understood that while they were willing to inject more cash to keep the companies afloat, Bank of Scotland was not willing to offer continued support.

Property Week understands that Chande and Myers, via a new £200m fund that they are raising, would be interested in making an offer for the assets now in administration.

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