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Yorkshire housebuilder Britannia in administration

Leading independent Yorkshire-based housebuilder Britannia Developments has gone into administration after several years of losses.

The company had seen rapid growth since it was founded by Paul Rider more than three decades ago.

But pressures on mortgage availability and the property sector following the economic downturn led to its collapse, said administrators from Deloitte.

The firm is looking to sell its existing landbank.

The housebuilder has seven development sites with houses remaining to be sold, including three partly complete development sites.

It also owns a number of undeveloped sites and part-exchange properties.

Deloitte’s Adrian Berry and Daniel Butters were appointed joint administrators on 2 January.

They intend to complete “certain building works where appropriate” while purchasers are sought for the remaining units and development land.

Mr Berry said: “Britannia was a well-established business with an excellent reputation for building quality housing developments, and like many other regional housebuilders it suffered from the economic downturn, which impacted sales volumes and margins.”

Britannia recorded a £10m turnover in 2010 but a £1.1m loss, with £16m of assets. That followed a £1.4m loss in 2009.

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