AAIM goes into administration

AAIM, the property company that is backed by Sir Alex Ferguson and Sir David Frost and owns a number of pubs and hotels, has gone into administration.

The company, which counts Principal Hotels and 270 former Marston's pubs among its portfolio, has called in administrator Grant Thornton after being hit by the slump in property values.

The group has a number of celebrities listed as either investors or advisers, with Frost chairman of its advisory board and Manchester United manager Ferguson listed as a founding shareholder. X-Factor presenter Simon Cowell is another high-profile backer.

AAIM launched in 2003 and received £100m in financing from HBOS in 2006 to invest £2b in properties across the UK, Western and Eastern Europe.

The London-based firm is headed by group chief executive James Elton, a former development director at Le Meridien Hotels.

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By Daniel Thomas

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