Leslau’s Max Property is close to its first buy

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It is in talks to buy 79 industrial properties from collapsed firm Industrious. The estate generated annual rents of £30 million and was worth about £655 million in September 2006, but slumped in value as the market crashed. Industrious was then put into receivership.

Now AIM-listed Max — which became the biggest stock market flotation in London this year when it raised £220 million — is locked in exclusive talks with Industrious' receivers Ernst & Young.

The deal could be bad news for scores of bondholders who own commercial mortgage-backed securities linked to the rents generated by the Industrious properties.

Leslau is best-known for building up a shell company, Knutsford, with Nigel Wray. Starting with £5 million in cash, the firm's market capitalisation reached £2 billion as it was tipped to buy Marks & Spencer, although it eventually crashed.