Lowry Homes put in administration
Salford Quays-based housebuilder Lowry Homes and two other companies within the same group have been placed into administration.
Brian Green and Paul Flint of the Manchester office of financial advisors KPMG were appointed joint administrators over Lowry Homes and the two other companies, Lowry Properties and Lowry Renaissance, on 16 November 2010.
KPMG confirmed that prior to the administration the majority of the group's remaining development sites and the majority of Lowry's employees were transferred to Prospect GB, a commercial entity within the Liverpool-based Riverside Group.
KPMG said 17 members of staff in total transferred to Prospect, with nine being made redundant.
KPMG added it is consequently dealing with a number of remaining properties, over four sites, which are owned by Lowry Renaissance and Lowry Properties.
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."
Prospect GB will complete three existing developments including Kingsmead in Prenton, Wirral, Maine Place in Manchester, before starting work in February in Bury on a new development in Pimhole.
Within the group's last set of accounts filed at Companies House, Lowry Homes reported a turnover of £17.8m and a pre-tax loss of £1.4m for the year to 31 December 2008.
