David Frost’s property company crashes

Sir David Frost, the television presenter, understands all too well the effects of the credit crunch on house prices. The Times reveals today that a £3bn property company aAIM, of which he is the chairman, has been placed in administration, a move that means a number of other high-profile investors, among them Manchester United manager Sir Alex Ferguson, are likely to walk away with little more than burnt fingers.

The company spent billions of pounds on properties in Britain and mainland Europe before the market fell last summer. Neither Frost nor Sir Alex have commented on their losses at aAIM, though in the past they have given the company their full backing. "I have been impressed by the energetic team, their clarity of vision and by the consistent high returns they have delivered," Sir Alex said in happier, dividend-enriching times. Sir David was no less fulsome. "I have first-hand experience of aAim's approach and style of investment," he said. "The team here has impressed me greatly."

Simon Cowell, the pop impressario and creator of ITV's The X Factor, has also been linked with the company, although it is not known whether he was a shareholder.