Leading property group enters administration
ONE of the region’s best known property groups has fallen victim to the continuing slump in the sector.
Administrators KPMG have been appointed to handle the affairs of Hednesford-based Pritchard Group.
The flamboyant head of the business, Fred Pritchard, who built the business up, is understood to have retired from his position as chairman.
A statement on the firm’s website says: “David Crawshaw, Robert Croxen and Richard Philpott were appointed Joint Administrators of Pritchard Group Plc, Pritchard & Associates Ltd, Pritchard Construction Ltd, Pritchard Management Ltd, Pritchard Estates (Cannock) Ltd and Pritchard Hotels Ltd on April 24, 2012.
“The affairs, business and property of the companies are being managed by the Joint Administrators.”
It is understood the jobs of the 95 people employed by the group are safe for the time being and trading will continue as usual until the situation is resolved.
The administrators are now trying to find a buyer for the business, which is best known for transforming the landscape of Cannock, Hednesford, Rugeley and Stafford.
The company has been responsible for several high profile projects within the area. The Ramada hotel at the Oribital Plaza site in Bridgtown is one of the best known, dominating the skyline surrounding Cannock and overlooking the M6 Toll.
There is also Virage Park, Park Plaza, High Green Court and others such as the Towers Business Park in Rugeley and the former St George’s Hospital site in Stafford.
The firm also had plans to redevelop a corner of Cannock town centre at the junction of Avon Road and Walsall Road. The mixed-use development, to be called Avon Plaza, would have seen the development of a new multi-screen cinema and leisure complex. However, the scheme fell victim to the recession.
Mr Pritchard is a well-known figure in the region’s property sector and famed for his collection of historic Aston Martin sports cars, including a Vanquish used in the publicity for Bond film Die Another Day.
