The playboy son of Berkeley Homes boss Tony Pidgley has seen his property company go bust.

Tony Pidgley Jnr set up Cadenza earlier this decade after a huge row saw him quit his father's firm. But Cadenza, which was originally used as a vehicle for an abortive takeover bid on Berkeley, has been put into liquidation.

Pidgley Jnr, who fashioned Cadenza into an urban regeneration property developer, blamed its failure on the collapse of Icelandic bank Landsbanki and its UK subsidiary Heritable Bank, which was funding Cadenza. He reportedly said: "We were in a very difficult situation where our bank was unable to fulfil its funding commitments.The bank's administrators ripped up our agreements."

Pidgley Jnr, who went through a messy divorce with his former glamour model wife Denize, ran the Cadenza polo team, which included England internationals.

His personal fortune at one time also included an £18 million equestrian centre at Winkfield in Berkshire.

His regeneration projects include plots in Wandsworth, Balham, Acton, Clerkenwell and the East End.