Future of £100m housing scheme in doubt as developer set fall into administration

The developer of a major residential development in north Nottinghamshire is set to call in administrators.

Sherwood Oaks Homes Limited, which is behind the £100m Oaks scheme in Forest Town, near Mansfield, has filed a notice of appointment to appoint administrators, according to documents seen by TheBusinessDesk.com.

Oaknorth Bank, which holds a charge over the company, has applied for it to be put into administration.

The Oaks is a development, currently under construction, of 313 2- 3- 4- and 5-bedrooms houses. Prices range from £225,000 to £480,950.

Henry Boot Construction was chosen as the construction firm on the scheme when it kicked off in November 2021. Pygott & Crone was marketing the homes.

Sherwood Oaks Homes is a company registered in Woodford Green, Essex. In its latest accounts, made up to the end of February 2022, it had assets of just over £12.5m and owed £12.6m to creditors.

Oaknorth Bank declined to comment when contacted.