The Penrith-based housebuilder closed its doors on Friday leaving 17 staff redundant after a proposed takeover of the firm fell through due to the impact of Covid-19.
A statement on Cumbrian Homes’ website on Friday said the company was in sale talks and had planned to continue trading under a new ownership. However, the preferred buyer was “unable to proceed” with the acquisition “due in no small part to the impact of the coronavirus pandemic” – forcing Cumbrian to cease trading, the statement said.
Founded in 1971 as a division of civil engineering firm Cumbrian Industrials, the firm was headed up by directors Ken Pallister and his son Nigel.
The firm’s most recent financial results for the year ended March 2019 showed that it owed £5m to creditors, half of which would fall due in the next 12 months. Cumbrian Homes reported having £6m worth of assets.
The company’s most recent development was the 44-home Carleton Manor Park, east of Penrith, which included three- and four-bedroom detached houses as well as one-, two- and three-bedroom apartments.
Managing director Nigel Pallister said in the statement: “I’d like to think we set a precedent for building the highest quality homes -listening to our customers and leading the way in building developments.
“We’ve had a fantastic time and built up an excellent team who we are sad to see go. We want to take this opportunity to thank all our customers, suppliers and valued staff, without whom none of this would have been possible.”