Britannia in administration
Published: 11 January, 2013
House builder Britannia Developments has gone into administration. Despite steady growth since its started trading 30 years ago pressure on mortgage availability and the economic downturn led to its collapse, said administrators from Deloitte.
They are looking to sell its existing landbank. The house builder has seven development sites with houses remaining to be sold, including three part-complete development sites.
It also owns a number of undeveloped sites and part-exchange properties. Deloitte's Adrian Berry and Daniel Butters were appointed joint administrators on 2 January 2013.
They intend to complete 'certain building works where appropriate' while purchasers are sought for the remaining units and development land.
Mr Berry said: "Britannia was a well-established business with an excellent reputation for building quality housing developments and like many other regional house builders it suffered from the economic downturn, which impacted sales volumes and margins."
Britannia saw a £10m turnover in 2010, but a £1.1m loss, with £16m of assets. That followed a £1.4m loss in 2009.