Seven UK McInerney firms in trouble
Published 05/04/2011 | 05:00
KPMG was yesterday appointed administrator to seven companies within the UK arm of the McInerney Holdings group, at the request of the company's directors.
The seven companies in administration comprise McInerney Group Limited; McInerney Homes Limited; Alexander Developments (North East) Limited; Lancing Homes Limited; Gold Homes (The Wave) Limited; William Hargreaves Limited; and Bowey Homes Limited.
Between them, the seven companies employ a total of 161 staff and are responsible for 32 private development sites, together with a number of social and commercial housing development projects, said KPMG.
The administrators intend to transfer a number of the private development sites to a solvent entity within the group to allow these sites to be developed with the aim of maximising the return to creditors.
The joint administrators have also agreed in principle with a number of the former McInerney Homes management team to acquire the social housing business.
There have been 14 redundancies and the administrators are now conducting a consultation process with the remaining employees.