After a period of cashflow difficulties, Havant housebuilder Mildren Homes Ltd has entered administration.
Andrew Watling and Carl Jackson, partners in the Southampton office of corporate recovery and business advisory firm Quantuma, were appointed administrators on Monday 3 July.
The administration affects only Mildren Homes Ltd and no other parts of the group are in any form of insolvency process.
Andrew Watling said: “The company has two sites currently in its portfolio and we are assessing our options in each case.”
The first site at Hambrook, near Chichester, West Sussex, is under construction and the second site has residential planning permission at the company’s head office at East Leigh House, Bartons Road, Havant.
Pynham Manor in the village of Hambrook came to the market in February 2016, and is described as an exclusive collection of two, three and five bedroom homes with prices ranging from circa £500,000 to £1 million
Mr Watling said: “The Hambrook site offers completed prestigious residential properties and we have a long list of interested parties, with whom we have been in touch.
“However, we are open to expressions of interest in the portfolio as a whole or in parts.”
He said they were optimistic about obtaining fair and proper value for the existing properties and would shortly be appointing local estate agents to assist with marketing.
“We are currently assessing our strategy concerning the completion of a small amount of work on some of the properties and their subsequent sale,” he said.
All 13 staff at the company were made redundant prior to the administrators’ appointment.
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Notes to Editors
Quantuma LLP is a leading restructuring and insolvency practice delivering partner-led solutions to businesses and individuals facing financial distress with offices in London, Southampton, Marlow, Watford, Brighton, Bristol, Manchester and Birmingham.