Stewart Milne went under owing £153m to creditors
The Bank of Scotland is owed £108m by the collapsed housebuilder, an administrators report shows.
Stewart Milne’s directors put the company into administration in January having tried and failed to find a buyer after an eight-month search.
The group had been negatively impacted by “rising costs, a challenging supply chain landscape, and a notable decline in house buyer demand”, administrator Teneo said.
In total, Teneo predicts Stewart Milne Group owes £153m to more than 1,300 creditors. However, both of those figures could be much higher. Unsecured creditors are not expected to get their money back, according to Teneo.
Stewart Milne Group’s two North West entities, Stewart Milne Homes North West England (Developments) Limited and Stewart Milne Homes North West England Limited, are also in administration.
The former has debts of £24.3m, £23m of which is owed to other group entities. The latter owes £6.4m to creditors.
In the North West, Stewart Milne has pipeline schemes in Stockport, Offerton, and Congleton.
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Maybe these house-builders need to try something other than building semi-detached 2 and 3 bed toy houses on paved-over green fields in the middle of nowhere?
Idk just seems like a bit of diversification might be a good idea. Not everybody wants the “worst of all worlds” suburban lifestyle: tiny garden, middle of nowhere, electricity pylon suspended above your house, motorway just metres away from the garden fence.
By Anonymous
Something doesn’t add up here, every other housebuilder has reported 20% margins for the last 20 years plus. what were they doing wrong.
By JM
What will happen to the current building sites that Stuart Milner were building on?
By Anonymous
It does seem odd, appreciate there is a ‘working debt’ for a lot of companies, but that is a massive amount of debt for a relatively small company, particularly when it sold the timber frame outfit for £60m+ the other year.
By Another Housebuilder