Over the weekend it emerged that ‘disgraced’ Northern Rock boss Adam Applegarth has launched a new company specialising in property management.
Beechwood Property Management was registered with Companies House on September 1 and will be managed by both Adam and his son Greg Applegarth, according to The Sunday Telegraph.
Whether the father and son team will manage properties on behalf of clients, or will invest their private money is unclear, but both men have been listed as consultants to the business.
The company, which is registered in Newcastle, doesn’t appear to have a website yet and has raised eyebrows across the property sector, with many concerned that the man said to be responsible for the demise of Northern Rock shouldn’t be an advisor.
Of the company’s shares, Adam has 55 per cent and therefore the controlling stake.
He left Northern Rock almost three years ago, receiving a £760,000 pay off. According to reports by the Mail on Sunday, he also left behind a secret affair with a junior employee.
Since Northern Rock the fallen banker has been employed in an advisory role at US private equity firm Apollo Management.
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