Fri, 11 Apr 2014 | ADMINISTRATION
Yuill Homes has ceased to trade a month after entering administration as its administrators failed to find a buyer.
Steven Ross and Ian Kings of Baker Tilly were appointed to the Hartlepool-based housebuilder firm on 10 February, after it had suffered cashflow problems.
The company recorded a yearly loss of £3.4 million in 2012, down from £953,128 profits. In the easier times of the pre-recessionary years Yuill Homes had sales exceeding £60 million, and had built up to 1,000 homes each year with about 500 workers.
The administrators had received plenty of interest from buyers, but it has now been confirmed that the business ceased trading on 31 March, with 55 redundancies made.
Recent projects include a development in Hartlepool, a £1.7 million affordable homes scheme in Gateshead, as well as large developments in Billingham, Hemlington and Coulby Newham. It also owns several sites for future works.
A spokesman said the joint administrators are now working with the contractors, authorities and the NHBS to ensure pipeline sales are finished, and that customers won’t be affected.
“We were hopeful we could reach a sale having received a lot of initial interest but there are never any guarantees.”
The administrators’ next task is to realise “any assets for the benefits of creditors”, the spokesman said.
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