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Rumours of Leach Rhodes Walker sale are kiboshed

Deeply troubled property company Erinaceous Group has denied it intends to sell off architectural arm Leach Rhodes Walker (LRW), despite rumours of a break-up.

Deeply troubled property company Erinaceous Group has denied it intends to sell off architectural arm Leach Rhodes Walker (LRW), despite rumours of a break-up.

Since the publication of dreadful six-month trading figures last Thursday (27 September), gossip has been rife that the self-proclaimed property ‘one-stop-shop’ could be prepared to offload parts of the company.

In the wake of the results, which saw Erinaceous post a pre-tax loss of £3.9 million in the six months up to 30 June, the group has already carried out a significant shake-up of the upper-management team, including the removal of Neil Bellis as chief executive officer and Michael Parsons as finance director.

Yet the company has claimed it has ‘no immediate plans to sell off’ Manchester-based LRW, which it bought two years ago (Property firm snaps up Manchester practice).

A spokesman said: ‘It is now a question of balance-sheet repair, focusing on the integration of all the parts of the company and doing no more deals.

‘There are no plans of any disposal of that nature.’

However that could all change if entrepreneur Vincent Tchenguiz and his Consensus Business Group snaffle up the group.

According to reports, Tchenguiz has made previous enquiries about Erinaceous and, if he does buy it, is believed to be interested mainly in the property-management side of the company – meaning LRW could potentially be put on the market.


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