BREAKING NEWS: Asquith Properties in administration

PROPERTY development company Asquith Properties has become the latest company to be hit by the economic downturn after going into administration.

The Pontefract-based company, which was founded by Russell Baker and Katherine Stacey in the 1990s, blamed cash flow problems caused by difficulties in accessing finance to fund its developments as the reason for the move.

Asquith has been involved in a number of high profile projects, including the award-winning Gatehaus residential development in Bradford and also the redevelopment of Victorian mill Broadgate House in the city into apartments.

As a result of the credit crunch, Asquith, which has concentrated its work in West Yorkshire, has reduced its development projects over recent months and it currently has no projects ongoing.

Steve Ellis and Ian Green of PricewaterhouseCoopers in Leeds have been appointed joint administrators of Asquith Properties, which has cut its staff numbers down to five. 

Mr Ellis said one of the reasons for Asquith’s problems was escalating development costs on the Gatehaus development project and “an inability to realise value from its land and property assets due to the troubled UK property and development finance markets”.

Mr Ellis said: “Asquith Properties is a well-established and well-known local business which has traded in West Yorkshire since 2000.

“It has undertaken a number of successful developments in the region, most recently completing the development of the impressive Gatehaus property in the Little Germany district of Bradford.”

He said postponement of its other develops, including other schemes in Bradford, had generated significant losses for the company as the projects could not be funded.

Mr Ellis added: “The company’s remaining property and land assets in Bradford and Queensbury will be marketed to recover value for creditors and we would invite any interested parties to contact us as soon as possible.”