Brixton, the industrial property group that recently sacked its chief executive, said it could breach borrowing agreements if property values fall a further 10% by the summer.

The company remains in talks about potential equityraising measures to address its debt position although it declined to give details. Peter Dawson, its new chief executive, said Brixton 'was working flat out' on the various options, including a rights issue, asset sales, joint ventures and renegotiating debt financing.

Brixton also scrapped its final dividend, meaning the 2008 total will be 4.9p (13.6p).

Financial Times, The Times, Daily Telegraph