Administrators from insolvency specialists Begbies Traynor in Leeds have been appointed to Leeds-based residential and commercial property firm SRM Holdings - together with the majority of its 50 subsidiaries.

The main creditors are said to be most of the major UK high street banks and debts are believed to be in the region of £50m.

SRM Holdings is headquartered at Brewery Wharf in Leeds.

It owns a portfolio of more than 500 properties, mostly flats in the city, and employs 30 people.

A spokesman for Begbies Traynor confirmed that the firm was handling the administration and was in talks "with the client" this morning.

Earlier this year, the YEP reported that investors were locked in a
legal battle with 31-year-old Leeds property tycoon and former Leeds United director, Mr Morris.

Dozens of people who bought buy-to-let properties from his firm, Morris
Properties Ltd, claim they paid too much for the houses and flats
across the city.

Many said they had properties repossessed after failing to cover monthly mortgage repayments.

Mr Morris said then that external economic factors, such as the credit
crunch and interest rate rises, were to blame.

Administrators are now examining the books of SRM Holdings and say it is too early to say what the future will be for staff of the businesses involved.

Last year Mr Morris's personal fortune was estimated at £69m and in 2006 his business had a turnover of £80m.

In August, 2007, the property tycoon suffered superficial facial injuries in a shotgun attack while driving in Moortown, Leeds.

Sign up to the Yorkshire Evening Post's email alerts