Breaking News: Yorkshire housebuilder calls in administrators
YORKSHIRE housebuilder Consort Homes has called in administrators after being hit by the slowdown in the housing market.
The group, which is based at Horsforth, Leeds and has a regional office in Paisley, Scotland, has turnover of £22m and currently has 10 development sites across Yorkshire and Scotland.
Mark Firmin, Richard Fleming and, in Scotland, Blair Nimmo, from KPMG's Restructuring practice have been appointed joint administrators over the main companies within the group, which was founded and is owned by Darren Stubbs.
The joint administrators said they are currently reviewing the options available to the business and intend to put it up for sale.
Privately-owned Consort employs 46 people, largely in management, sales and administrative roles.
The company's development sites include Manor Gates in Bramhope, Leeds, where it is selling properties priced at up to £1.25m and School Lea in Halifax where homes range from £81,000 to £195,000.
Joint administrator and KPMG Restructuring partner Mark Firmin said: “Since the onset of the credit crunch, market conditions have been difficult and the group has been a victim of the slow-down in the housing sector.
“The reduction in activity in this sector is due to the combination of a lack of consumer confidence in the property market and the limited access to mortgage funds for prospective purchasers.
“We will be writing to all affected parties, including contractors and customers, advising them of the situation whilst we review the options for the business,” he added.
