Administrators called in to Norwich firm subsidiary

A subsidiary of multi-million pound property firm Targetfollow Group, which is based in Norwich, has gone into administration.

Administrators have been appointed to Targetfollow Property Holdings, after Lloyds Bank called in loans of £700m.

The 90 jobs in the city are believed to be safe but plans to develop the old Bally Shoe factory at Harford Place on Hall Road have been put in jeopardy.

Plans for a new Asda superstore on the site had been proposed.

The firm also had outline plans for a £60m development of Dukes Wharf in the city.

Targetfollow Property Holdings has it headquarters on Riverside Road in Norwich and was set up in 1992.

Its flagship property is Centrepoint in London.