Five Property Route Properties in Receivership

Barclays Bank has appointed Law of Property Act receivers on five assets owned by Altrincham-based development and investment firm Property Route Ltd, Crain’s Manchester Business reported. The bank has called in charges over five of the company's properties and has appointed the Leeds office of Eddisons as LPA receiver on each. The properties in question are 23 Denison Road and 7 Conningham Road in Victoria Park, Manchester; 35 Canal Bank in Monton, Salford; 108 Ayres Road in Old Trafford and 105 Wilmslow Road in Handforth, Cheshire. The appointments were made on December 24 and Property Route later changed its name to PRGA Ltd on January 15. The resignations of two of the company's directors, Nabeel Chowdery and Matthew Billington, were logged by Companies House on December 23, although Chowdery told Crain's that he actually resigned from the board in June 2008 and sold his stake in company to Billington. Chowdery is a well-known figure in the Greater Manchester property scene and was ranked 562 on The Sunday Times Rich List in 2008, with an estimated net worth of £142 million. He is a director of more than 20 companies and recently completed a deal to sell Denzell Lodge, a residential scheme in Bowdon, Cheshire, for £1.2 million. Read more.