Mulbury Homes files notice of intention to appoint administrators
Cheshire housebuilder Mulbury Homes has started the process of appointing administrators, it has confirmed.
The group, which is based in Lymm, and has a Manchester office, is said to be the victim of a ‘perfect storm’ of supply chain problems and the impact of the COVID pandemic.
A Mulbury Homes spokesperson said: “The company has filed a notice of intention to appoint administrators.
“The company is currently considering its options and a further update will be provided soon.”
Administators are expected to be appointed this week.
The company was founded in 2010 and so far has worked on projects with a combined value of £149m, with 2,000 homes built by the firm.
Since formation it has expanded to become a multi-disciplinary developer and land adviser, with specialist divisions in affordable homes, care and open-market residential.
In 2015, it launched Mulbury City, a business with a growing reputation in city centre PRS schemes. Mulbury also has a dedicated land division that works with land owners to maximise land development opportunities.
Mulbury currently has 1,089 homes under construction.
In January last year Mulbury announced, together with Impact real estate investor Cheyne Capital, a £32m forward funding deal to build 144 apartments in Manchester’s New Cross neighbourhood.
The 12-storey development was planned for Oldham Road, offering one-, two- and three-bedroom apartments.
Current projects include schemes at Euxton in Lancashire, Hazel Grove and Levenshulme in Greater Manchester, and Kew, on Merseyside.
Figures filed for the year to March 31, 2020, showed turnover was static at £38.4m, compared with £38.2m in 2019, while pre-tax profits of £12,045 were less than half the previous year’s level of £27,766.
