BLG, Gaddafi and a spot of office bother

Barlow Lyde & Gilbert is having a touch of landlord trouble – the trouble being that its landlord was Colonel Gaddafi (see story).

The firm is keen on moving in with merger partner Clyde & Co (whose office is next door and according to one source at BLG “is much nicer”) but is having a bit of bother escaping its existing lease obligations because of old Mad Dog who, ironically, seems to have little trouble escaping things.

BLG’s current office Beaufort House is owned by the Libyan Arab Foreign Investment Company (Lafico), which was a nice little earner for Gaddafi until he was deposed earlier this year. Now the company’s assets are set to be amalgamated with those of the Libyan Investment Authority, which is now under control of the National Transitional Council – Libya’s interim government.

But this transition hasn’t exactly gone smoothly as Lafico directors have been, erm, difficult to get hold of. So even though there is a potential buyer for BLG’s office space, the firm might have to stay put if negotiations continue to be left up in the air.

Shame that Clyde & Co dropped Gaddafi’s regime as a client a little while ago (see story). It might have been able to sort things out a little quicker.