Ian Tudhope, managing director of Sir David Murray’s property company Premier Property Group has resigned after 23 years with the company.
It is understood that Tudhope will not be replaced.
Tudhope’s resignation follows a review of the business implemented by Donald Muir, the new PPG board member and turnaround specialist. Muir was also appointed a director to Murray’s Glasgow Rangers Football Club.
PPG has come under pressure
from lender and co-owner Lloyds Banking Group.
Murray’s companies are among those backed by HBOS’s corporate finance division, all of which are now under close scrutiny by Lloyds following its takeover of HBOS.
A report in The Scotsman indicates that the group will take a new direction as it attempts to sell parts of its property portfolio to pay off debts, mainly owed to Lloyds Banking Group.
It is currently under offer to sell its 141 Bothwell Street scheme in Glasgow for around £70m – a yield of less than 6% – to Aberdeen
Property Investors.
