Frogmore Investments is suing valuers King Sturge for an alleged £760,000 shortfall in insurance pay-outs for Manchester’s Corn Exchange, which was destroyed by an IRA bomb in 1996.
Frogmore claims that it lost compensation because King Sturge underestimated the size of the building. In a High Court writ issued by Titmuss Sainer Dechert, Frogmore says that King Sturge based its £25.3m valuation on total floor space of 19,010 sq metres instead of the actual 22,285 sq metres. The actual value of the building was allegedly £29.7m.
PLS News 31/8/99
