PwC were appointed administrators of parent company Impala Partnership Limited today which includes John Laing Partnership Limited, JLP Homes Limited and Intro Homes (Stevenage) Limited.
The Hertfordshire based firm traditionally focussed on developing social housing through John Laing Partnership Limited. In 2003 management took the decision to diversify into the private housing market through Intro Homes.
The Group employs 51 people. All staff apart from ten people required to assist the administrators in the operation of the business were made redundant today.
Zelf Hussain, joint administrator and director at PwC said: “The Group has experienced significant cash flow difficulties due to a number of factors including the deterioration in the housing market, delayed recovery of customer retentions and a lack of significant new contracts.
“The Group’s board were unable to identify a viable way forward and were left with no option than to appoint administrators.
“My team and I will focus on working with employees, clients and suppliers to determine the most appropriate way forward over the next few weeks.”
Peter Taylor, managing director of the Group, said: “It is with much regret that, following a meeting of the Board of Directors, Impala Partnership Ltd, John Laing Partnership Limited (JLP), and Intro Homes (Stevenage) Ltd have appointed PwC as administrators.
“Following the crash in the private housing market, the fortunes of the company have been further exacerbated by the deepening crisis in the affordable housing sector.
“This has resulted in secured contracts being significantly delayed and an extremely competitive tender market relying upon zero or negative margins. Furthermore, difficulty in settling final accounts has had a major impact on cash flow.
“In order to protect the interests of all creditors, the Board was faced with no alternative than to appoint administrators.”
Intro Homes (Lettings) Limited has not entered administration, and will continue to trade as normal.