Apprentice star's property firm goes into administration

Apprentice star's property firm goes into administration




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The business empire of Paul Kemsley – best known for appearing on television show The Apprentice as one of Sir Alan Sugar’s guest interrogators – has gone into administration.

Rock Investments was founded in 1995 by Mr Kemsley and once had a property portfolio of £850 million, with assets including Selhurst Park football ground in the UK and a number of offices on New York’s Fifth Avenue in the US.

 

However last Thursday PricewaterhouseCoopers was appointed to put the company into administration; its collapse has been put down to the slide in the commercial property market.

 

Although it is said that Mr Kemsley benefited from a long term relationship with the Bank of Scotland and had a £500 million joint venture with the bank’s corporate arm, he now has “no interest in the Rock Group or the group’s assets in the UK or in the US,” according to Property Week.   

 

Famous for grilling wannabe entrepreneurs in The Apprentice, it has also emerged that Mr Kemsley is currently stuck in a legal dispute with spread betting company Spreadex over a £2 million margin security to cover losses that he made on a string of spread bets –gambling that shares in Lehman Brothers would recover the very same week that the US investment bank went bust.  

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