Residential landlord Nice Group has gone into administration.

Tenon Recovery was yesterday appointed the company’s administrator.

Nice Group, which had seven subsidiaries including Nice Investment and its fund Nice Capital, was set up in March 2003 by Mark Skinner and Guy Bullerwell, principally to manage their own buy-to-let portfolios.

According to its website the company now manages more than 250 residential properties worth around £185m.

Nice-managed funds own 80% of the portfolio whilst private investors own the remaining 20%.

It set up Nice Capital, a £200m fund, in May last year, despite the difficult market conditions. The fund was planning to invest £50m of equity and £150m of bank debt.

Nice Group’s strategy has been to buy large family homes, redesign them to provide the maximum number of bedrooms, and then rent them out to young professionals on a shared occupancy basis.