Allied assets facing further hit

Allied Farmers managing director Rob Alloway. Photo / Dean Purcell

Allied Farmers faces further asset value writedowns in its accounts as the Matarangi beach property development it acquired from Hanover Finance is likely to be sold after HSBC pulled funding.

Allied Farmers said its subsidiary Matarangi Beach Estates has received a notice from HSBC cancelling that company's loan facility and thereby requiring the $19 million loan to be repaid.