Administrators appointed at McInerney
Seven companies within the UK arm of McInerney Holdings, including McInerney Homes which has an office in Northampton, have gone into administration. Richard Heis, Brian Green and Paul Dumbell, of KPMG, have been appointed joint administrators.
The seven companies are McInerney Group Limited; McInerney Homes Limited; Alexander Developments (North East) Limited; Lancing Homes Limited; Gold Homes (The Wave) Limited; William Hargreaves Limited and Bowey Homes Limited.
McInerney Homes is based in Wigan, but has offices in Leeds, Durham, Wolverhampton and Northampton, and development sites around Yorkshire, North West, Midlands and the North East.
The seven companies employ 161 people and operate 32 development sites, along with social and commercial housing projects. So far 14 William Hargreaves contracting employees have been made redundant.
The administrators plan to transfer some of the sites to a solvent part of the group, Ludgate Hill Developments, to continue their development.
Paul Dumbell, director at KPMG Restructuring in the North West and joint administrator, said: "The economic downturn, particularly in respect of the UK residential property market, has had a severe detrimental impact on the group's cashflow therefore limiting its ability to trade without substantial additional finance.
"Our overriding objective is to ensure that work on the majority of the live private development sites is able to continue in order to maximise value in the interests of all the creditors.
"We are therefore delighted to have assisted in establishing the agreement between Ludgate Hill Developments Limited and a major housebuilder to build out these sites."
