Housing development business call in KPMG administrators
McInerney has called in KPMG administrators Richard Heis, Brian Green and Paul Dumbell. The business owns subsidiaries William Hargreaves, Lancing Homes and Gold Homes
KPMG ADMINISTRATORS were called to housing development business McInerney, which operates in Ireland, Spain and the UK.
Richard Heis, Brian Green and Paul Dumbell of KPMG were appointed administrators by company directors, to the UK arm of the Irish listed business.
The company and its subsidiaries comprise of McInerney Homes, Alexander Developments, Lancing Homes, Gold Homes, William Hargreaves and Bowey Homes.
Heis, restructuring partner at KPMG, said: “The economic downturn, particularly in respect of the UK residential property market, has had a severe detrimental impact on the group’s cash flow 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.”
Combined the businesses employ 161 people and are responsible for 32 private development sites. The administrators made 14 redundancies from the William Hargreaves business.