Tue, 05 Apr 2011 | ADMINISTRATION
McInerney Holdings Group has put seven of the companies that make up its UK arm into administration, with the house-building group blaming the continuing poor health of the property market.
The companies affected by the administration are including McInerney Group, McInerney Homes, Alexander Developments (North East), Lancing Homes, Gold Homes, William Hargreaves and Bowey Homes. Immediate effects were felt at a number of building sites in the Midlands and the north of England, where the company is based, with several projects put on immediate hold.
Richard Heis, Brian Green and Paul Dumbell of KPMG have been appointed as administrators and are looking at forming a number of deals to manage the transfer and continuation of a number of the development sites.
Mr Heis explained that the difficult economy had limited the company's ability to function without the support of additional finance.
“Our overriding objective is to ensure that work on the majority of the live private development sites is able to continue in order to maximise value in the interests of all the creditors," he explained.
The seven companies employ a total of 161 members of staff and are responsible for 32 private development sites across the UK, as well as a number of social and commercial housing development projects.
It is understood the administrators have already forged a deal for the continued development of some of the sites with the Lu gate Hill Developments Limited group, with the intention of maximising the return to creditors following consultation with employees.
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