Liverpool resi developer in administration

A LIVERPOOL-based property development and investment company which had a portfolio of around 75 residential units across Merseyside has been placed into administration.

Hudson & McIntyre Estates, which was based at Seymour Chambers on London Road, had been built by co-owners John Dillon and Paul McKelvey over a decade.

The properties were split across Newton-le-Willows, Runcorn, Prescot and the Wirral and its last filed accounts for the year to September 30, 2009, show that it had net assets of £4.6m, but joint administrators Simon Allport and Tom Jack from the Manchester office of accountancy firm Ernst & Young were appointed as joint administrators on May 31.

Allport said: “The weak housing market has put the business under pressure and unfortunately insolvency was the only solution.”

He added that the company had no employees other than its two directors, and that tenants within the company’s properties would be unaffected by the administration as the business will continue to trade.