The consequences of Battersea Power Station developer going into administration explained

It's thought there could be a bidding war for Battersea Power Station after the owner of the site Real Estate Opportunities (REO) went into administration.

Last year, loss-making REO got planning permission for a £5.5 billion redevelopment of the power station which would have resulted in thousands of jobs and homes.

But they were unable to get an investor to fund the scheme and pay off the debt.

REO were failed to repay £324 million debt to Lloyds Banking Group and Ireland's National Management Asset Agency, so have now appointed Ernst and Young as the administrators.

Potential buyers of the site include Chelsea Football Club. Check out the full story here. 

They have been unable to pay back Lloyds Banking Group.