The construction arm of Time and Tide Homes Ltd has recently gone into administration. The owners of the apparently controversial Halton Mills site on the outskirts of Lancaster had been feeling the strain of the credit crunch.
Several Lancaster businesses have been left out of pocket. One company is reportedly owed about £64,000.
Administrators Begbies Traynor (Birmingham) are to decide whether the company can be saved or sold as a going concern. They are working on identifying interested parties to buy the site.
The property company aims to finish current work on residential units. However, when the work will recommence is still uncertain.
The operations of Time and Tide Highmore One Ltd, a business part owned by Time and Tide, will not be affected.The MD, of the company, John Asplin, said "Time and Tide Homes has been forced into administration by certain creditors breaking ranks, and the company is now in the hands of the administrators. This country is in the worst recession it has seen for a long time and the sooner people wake up and realise that the sooner we can sort it out."
