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.”
_______________________________________________________________________
Related information:
Contact the administrators
Business Recovery and Insolvency Advice
Opportunity to acquire a high performing business and long leasehold property operating in the dental and medical sector within London. Offers by: 6 December 2024.
Opportunity to acquire the business and assets of a beverage retailer with stores across England. Offers by: 2 December 2024.
Opportunity to acquire a privately owned Company founded over 40 years ago, operating as one of the leading developers of exceptional residential homes in prime areas of London and Southern England. Offers by 5 December 2024.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.