TALKS to save Cabra Estates, the property group which owns Stamford
Bridge and Craven Cottage football grounds in London, have failed and
liquidators to the company were appointed last night.
Prolonged negotiations to sell Stamford Bridge to Chelsea Football
Club came to nothing and Cabra said a month ago it was developing
alternative proposals to sell both sites to an un-named third party
which had no connection with Chelsea. It was also in discussions with
its bankers, who include the Royal Bank of Scotland, over restructuring
its bank debt.
Last month Cabra reported making losses of #22.1m for the year to
March 1992, which followed an #11.2m deficit in 1990-91. It said that as
a result of falling property values and its trading losses, its net
assets had fallen to less than half its called up share capital.
Frank Blin and Malcolm London of Coopers & Lybrand have been appointed
joint provisional liquidators.
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