The collapse of Paul Kemsley’s property empire could cost HBOS almost £450m after his company’s directors warned they have been unable to attribute a “realisable” value to its assets.

Kemsley, also a former vice-chairman of Tottenham Hotspur Football Club, is an associate of Mike Ashley, Sir Philip Green, and Sir Alan Sugar, appearing as a guest interviewer on The Apprentice until this year.

However, the primary businesses in his Rock empire – holding company Rock Joint Ventures, Rock Investment Holdings and management business Birchridge – fell into administration in late May following dramatic falls in global commercial property values.

Sunday Telegraph