Andrew Knowles and Steve Clancy, both of Kroll, were appointed Joint Administrators of Mulbury Homes Limited (“the Company”) on 15 February 2022 and have ceased to trade the business as a going concern, making the existing staff redundant.
Headquartered in Lymm, Cheshire the developer employs circa 40 staff and had been struggling with trading and cash flow issues brought by the pandemic, planning delays and rising costs.
Andrew Knowles, Joint Administrator, stated: “The continued difficult trading conditions, rising costs, and financial pressures as a result of bad debt has led to a weakened cashflow position which has led to the appointment of the Joint Administrators.”
“The Joint Administrators are continuing with their duties following the sale, realising assets, and distributing funds to creditors as well as investigating the financial affairs of the Company as part of their statutory duties,” continued Andrew Knowles.
A statement from the Mulbury directors said: “Since we started the business in 2010, Mulbury Homes has worked in partnership with our housing clients to deliver over 2,000 homes across the North West and we are proud of our record.
“We had a strong pipeline of projects and we were hopeful for the future. However, we have not been immune to the very challenging conditions facing the construction sector brought by the pandemic, planning delays, cost increases and supply chain issues.
“We have been working tirelessly to keep the business going but the current conditions left us with no option but to call in administrators.
“We would like to thank our staff, clients, supply chain and partners for their support to Mulbury Homes in the last 12 years.”