Grant Thornton has been appointed administrator to JCCO114, formerly known as AAIM and joint venture partner in Pendragon's property business.

JCCO114 manages property investments through 10 'special purpose vehicles'.

The administrator has not been appointed to the SPVs or any other companies connected to JCCO114.

In July 2007 Pendragon struck a £400m sale and leaseback deal with AAIM on 115 of its properties, including dealerships and its Nottingham headquarters, Loxley House.

AAIM has a 49% stakeholding of the joint venture company, PPHO Ltd, with Pendragon holding 51%.

Pendragon rents the properties back on leases ranging from 18 to 25 years.