Fri, 26 Nov 2010 | ADMINISTRATION
KPMG has been called in to Salford Quays-based construction firm Lowry Homes, having been placed into administration.
Paul Flint and Brian Green of KPMG are the joint administrators to Lowry Homes, along with two other businesses of the same group – Lowry Properties and Lowry Renaissance.
KPMG is reported to have confirmed that most of the group's remaining properties, along with most of the staff, were transferred over to Prospect (GB) before the administration process began.
KPMG said: "The administrators are dealing with a number of remaining properties, which are owned by the two group companies mentioned above.”
It is understood that Prospect took on four development sites from Lowry Homes. Prospect, owned by Liverpool’s Riverside Group, is to finish three development projects before starting on a fourth – a new development in Bury in February.
The last recorded accounts for Lowry Homes for the year to the end of December 2008 reveal revenues of £17.8 million and pre-tax losses of £1.4 million.
Established in 1997, Lowry Homes specialised in house building to include town houses, apartments, conversions and accommodation for the elderly. Its parent Jackson Holdings is a large development company, with yearly revenues of £70 million, according to the website.
Serving blue-chip data management and security technology clients across the globe, this disruptive software development company provides tools and services to assess, repair, and recover, and migrate enterprise backup products.
Operating internationally, the company delivers tailored electrical distribution and control solutions to public and private sector clients across a wide range of industries.
This substantial 43-bedroom urban hotel, situated just 5 miles from Newcastle city centre, offers an exceptional investment opportunity with its prime trading location and extensive public areas, including a popular bar and refurbished function room.
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