As of the 17 February, business advisors Panel Kerr Foster (PKF) were officially appointed administrators of Mathon Ltd.

Established in 2004, the company supplied commercial bridging loans to professional intermediaries and once held one of the largest loan books within the sector.

A patron member of NACFB, the lender employed five people at their Glasgow headquarters. It has agreed to assign its loan book in order to discharge all secured debt and sell its remaining assets, according to a press release issued by PKF.

In the press release, PKF stated: “The remaining business and assets of the Company were sold to Juniper Property Finance Company Limited by the Administrators immediately following their appointment, which secured the jobs of the remaining employees.

“As a result of these transactions the Administrators received sufficient funds to enable all creditors to be paid in full with statutory interest.”

Juniper Property Finance are listed at the same address Mathon’s offices held and do not yet appear to have a website or telephone number. 

Bridging and Commercial were unable to contact David Lutton, former Chief Operating Officer at Mathon.

The appointed administrator, Bryan Jackson, said: “The reasons for the failure of Mathon are fairly obvious given the enormous decline in commercial property values over the last three years in its two key markets in the UK and Ireland.

“However, the outcome of this administration is that all of the creditors will be paid and the employees have kept their jobs so it is a welcome result in these difficult economic times and an indication of how useful a pre-pack administration can be in certain circumstances.”