Housebuilder Lowry Homes has been placed in administration after suffering “severe trading difficulties” as a result of the deterioration in the property market.
The company, which was established in 1997 and is part of Isle of Man-registered Jackson Holdings, specialised in house building to include town houses, apartments, conversions and accommodation for the elderly.
Its last set of accounts filed at Companies House showed that, in 2008, the company made a pre-tax loss of £1.4m on turnover of £17.8m.
Prior to the administration, a number of the group’s development sites and employees were transferred to Prospect, part of the Riverside Group of Companies. In total, 17 members of staff transferred to Prospect, with nine being made redundant.
Brian Green, partner at KPMG and joint administrator, said:”Like many other companies within the building and construction sector, Lowry Homes experienced severe trading difficulties as a result of the deterioration in the property market.
“Twelve months ago, the group instigated a sale process to dispose of its sites, which culminated in the majority of them recently transferring over to Prospect. We will be working to sell the remaining properties over the coming weeks.”