Firm ‘owes £50m’
MORE THAN 30 companies owned by a Jewish property entrepreneur have gone into administration with debts in the region of £50 million.
Simon Morris’s Leeds-based SRM Holdings and dozens of subsidiary companies are thought to owe substantial sums to a number of UK high-street banks. A statement issued on behalf of the companies said the property-market downturn had left “no choice” but to call in administrators on Tuesday.
Last year Mr Morris, 31, was the youngest person in the Estates Gazette property-industry rich list.