Iain Mercer blames banks as firm in administration

Iain Mercer. Picture: Esme Allen
Iain Mercer. Picture: Esme Allen
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THE son of former Hearts chairman Wallace Mercer has criticised the banks after his property business was forced into administration.

Iain Mercer, managing director of the Almondvale Group, which has a portfolio of retail, office, industrial and research and development premises across Scotland, said the business had been meeting its financial obligations and was trading successfully “right up to the moment administration became a reality”.

And he insisted the group would have “continued to prosper” if it had received “the support and necessary refinance we tirelessly sought to acquire from the banking sector”.

The Almondvale Group, which Mr Mercer ran with his mother Anne, who was a co-director, had a turnover of more than £1 million in each of the past five years. Mr Mercer said he was proud of what Almondvale had achieved.

And he said: “It has been an exciting, eventful and often challenging journey. So it is with great enthusiasm that I look forward to putting my energy into new business opportunities.”

Some of the property holdings in the family business date back to the late 1970s, before Wallace Mercer took over at Hearts in 1981. He was chairman of the club for 13 years and died in 2006, aged 59.