Fri, 21 Feb 2014 | ADMINISTRATION
Baker Tilly is seeking a buyer for Hartlepool-based builders Yuill Homes, which entered administration on 10 February.
Steven Ross and Ian Kings of the accountants firm Baker Tilly say the business, which has a 50-strong workforce, will continue trading while they look for a buyer.
Established in 1927, Yuill Homes has built over 30,000 homes, focusing on the North of England. The business was bought by Cecil M Yuill in 1993, and trades from its base in Hartlepool.
The company faltered after suffering growing borrowing costs, and is only involved in one project – a single development site in Brierton Lane - at present. It does also own several other sites for future projects.
“Yuill Homes is a well-known brand in the North-East housing market but, due to the high level of debt finance, was placed into administration to protect the value of its assets for the benefit of creditors,” joint administrator Mr Ross said.
“The company will continue to trade whilst we seek a buyer for the business on a going concern basis. Our immediate priorities are to speak with employees, suppliers and other stakeholders as well as those people who are in the process of buying a new home from the company.”
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