North West development business the last part of the firm to go under
The last remaining subsidiary of the Stewart Milne group has officially followed its parent company into administration.
According to an update on Companies House on Tuesday, BDO LLP were appointed as administrators for Stewart Milne Homes North West England (Developments).
The business was responsible for building homes in the North West of England and had a separate funding structure from the rest of the Stewart Milne Group, including Stewart Milne Homes North West England Limited, which sold the homes that the development company built.
Teneo, which is handling the administration of the rest of the group, had said last week that a strategy for the North West development company was “being discussed with Homes England” and that there would be “more clarity” by the end of the week.
>>See also: Scottish housebuilder Stewart Milne enters administration
>>See also: Top 50 Housebuilders
According to the firm’s latest accounts, liabilities under the category ‘other loans’ were worth a total £14m, with £9.2m falling due within less than one year.
It said: “Other loans comprise amounts advanced to the Group by the Government agency, Homes England, to fund purchases of land for our NW England region”.
A spokesperson for Homes England had also said that the development business was expected to follow its parent company into administration.
No comments yet