The maiden deal of Nick Leslau’s newly-listed Max Property is under threat, with bondholders understood to have lodged a rival bid for the Industrious portfolio.

Last week, Leslau announced that he had agreed to buy the collection of distressed warehouses in a £245.4m deal from Ernst & Young, the receivers for the Industrious Group, a fund managed by privately-owned Dunedin Property which collapsed last year.

However, in a stock exchange statement yesterday, Max said it had been informed by Ernst & Young that “they have not yet been able to satisfy the conditions to completion of the sale”. The property company is “seeking clarification” from the receivers.

Daily Telegraph