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.
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