Fri, 11 Jan 2013 | ADMINISTRATION
Britannia Developments has entered administration with Adrian Berry and Daniel Butters from Deloitte brought in as the joint administrators on 2 January 2013.
The troubled firm is at the forefront of house building in the Yorkshire region, but has suffered losses for many years now due to stifled mortgage availability and the continued sluggish property industry due to the recession.
Established by Paul Rider over 30 years ago, it enjoyed fast growth and reported revenues of £10 million in 2010, but with losses of £1.1 million, although this was down from the losses of £1.4 million recorded in 2009. Mr Rider retired in 2011, retaining a role as consultant, with managing director David Firth taking over the day to day management of the business.
Britannia now has seven development sites with houses to be sold off, including three unfinished development sites. It also has several undeveloped sites and part-exchange properties in its portfolio.
Buyers are being sought for the sites, with some unfinished sites set to be worked on in the meantime.
Administrator Mr Berry commented: “Britannia was a well-established business with an excellent reputation for building quality housing developments and like many other regional house builders it suffered from the economic downturn, which impacted sales volumes and margins.”
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