Thu, 13 Sep 2012 | ADMINISTRATION
Chelford Homes has collapsed into administration after struggling to get its cash flow difficulties back on track.
The business, which was founded in the mid-1990s, was based in Lancashire and comprised Chelford Properties, which was incorporated in 1996, and Chelford Developments in 2005.
Administrators PwC have stated that cash flow difficulties became critical in Spring of this year, compounded by a failure to secure additional bank finance.
A report from PwC revealed the extent of the company's debts: the firm owed Clydesdale Bank £7 million, while unsecured, non-preferential creditors were owed £2.15 million and are facing a shortfall of the full amount.
The report read: “Due to the decline in the property market, the companies were experiencing cash flow difficulties.
“Consequently, in April [they] approached the bank for additional borrowing to fund ongoing trading and property developments. The bank was concerned the value of the companies' properties would not be sufficient to cover the finance secured against them.”
The administrators were unable to continue trading due to the lack of funds in the company and all staff on site have been made redundant. PwC is now looking to sell off the company's assets through agents.
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