McInerney Homes goes into administration

Grant Prior 13 years ago
Share

McInerney Holdings is now in the hands of administrators KPMG who are thrashing out a deal to transfer a number of sites to Miller Homes.

The firm’s social housing business could also be bought by the former management team.

KPMG has been appointed to seven companies within the UK arm of the McInerney Holdings Plc group of companies, at the request of the companies’ directors.

Wigan-based McInerney Homes is a house builder, with additional offices in Durham, Leeds, Wolverhampton and Northampton and with development sites around the North East, North West, Midlands and Yorkshire.

The seven companies in administration are 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.

The seven companies employ 161 staff and are responsible for 32 private development sites across the UK, together with a number of social and commercial housing development projects.

KPMG intend to transfer a number of the private development sites (see list) to a solvent entity within the group, Ludgate Hill Developments Limited, to allow these sites to be developed with the aim of maximising the return to creditors following consultation with employees.

An agreement has been entered into between Ludgate Hill Developments Limited and Miller Homes to develop these sites once the transfer has taken place.

Work has ceased on those private development sites that are not being transferred to Ludgate immediately, whilst an assessment is made as to whether alternate planning can be obtained on those sites to allow a further transfer to Ludgate.

KPMG has also agreed a second deal in principle with a number of the former McInerney Homes management team to acquire the social housing business, with completion subject to a number of conditions.

There have been 14 redundancies upon appointment of the joint administrators among William Hargreaves commercial contracting employees.

KPMG is now conducting a two-week consultation process with the remaining employees in accordance with TUPE legislation for each of the potential business transfers.

Richard Heis, restructuring partner at KPMG and Joint Administrator, said: “The economic downturn, particularly in respect of the UK residential property market, has had a severe detrimental impact on the Group’s cash flow therefore limiting its ability to trade without substantial additional finance.

“Our overriding objective is to ensure that work on the majority of the live private development sites is able to continue in order to maximise value in the interests of all the creditors.

“We are therefore delighted to have assisted in establishing the agreement between Ludgate Hill Developments Limited and a major housebuilder to build out these sites.  This should assist us in ensuring continuity as far as possible to the customers and suppliers alike.”

Site Details:

A total of 10 sites will be transferred to Ludgate Hill Developments Limited as follows:

Beaumont Court, Pegswood, Morpeth
Beaumont Grange, Bewsey Road, Warrington
Bishops Park, Sunderland Road, Gateshead
Bispham Hall, Billinge
Catreffle, Ruthin Road, Wrexham
Grace, Thornton Road, Bradford
Maddocks Grange, Limekiln Lane, Telford
Whitton View, Rothbury, Northumberland
Wydale, Rutland Avenue, Walker
Zest, Newton Heath, Manchester

The following development sites will remain in the hands of the administrators:

Evolution, Campus Drive, Runcorn
Redcar College , Redcar
Herons Drive, Darlington
Hill End, Mapplewell
Hope, Holes Road, Knottingley
Kensington Gardens, Crossfield Street Blackburn
Marton Road, Middlesborough
Parkfield, Worksop, Stockton
Plains Road, Mapperley
Valley Rise, Auction Mart, Tow Law
Westgate, Worksop
Whitehall Road, Drighlington
Williams Wharf, Latchford, Warrington
Waterside, Broken Cross, Northwich
Greenfields, Kip Hill, Stanley
Highgrove Place, Highgate Mews, Walsall
Beacon Wood, Bloxwich Road, Walsall
Ridings, Middlesbrough
Heritage, Lower Hopton, Mirfield
Belgrave Heights (Mill), Darwen
Hoddleston Mill, Hoddleston
Armitage Road, Rugeley

Latest news

Berkeley subbies face six weeks without payments

Introduction of new finance software means payment hiatus for suppliers
1 hour ago

Pagabo reveals 56 winners of latest £1.6bn retrofit deal

Decarbonisation Solutions Framework launched: Full list of winners
1 hour ago

Go-ahead for £100m Liverpool Love Lane flats

500-flat scheme will be built across four blocks in Vauxhall area of city
1 hour ago

Unions win HS2 site access battle at Old Oak Common job

Skanska, Costain, Strabag JV now the last denying unions access to HS2 sites
18 mins ago

Contractors jack 1,100t viaduct into place in 13-hour operation

158m-long composite deck structure jacked into place 10-hours ahead of schedule
1 hour ago

Wates wins former Daily Mail printworks transformation

British Land advances major cultural venue at London’s Canada Water
22 hours ago

Mace poaches Ramboll chief to be Head of Engineering

Martin Feakes will develop civil and structural engineering offer at Mace
21 hours ago

Subcontractors form alliance for major civils jobs

Trio of specialists join forces to collaborate and offer Tier 1 contractors a turnkey solution
1 day ago

Fear of supply chain failures boosting collaboration

Procurement survey also reveals project bank account use is rising
1 day ago

Wates sets up business to target 160,000 mouldy social homes

Healthy Homes service will be offered to social landlords across England
1 day ago

Higgins wins £75m Peabody Passive House job

Latest phase of Deptford Landings to start construction
1 day ago

Contractors and unions agree Sizewell C working deal

New deal offers improved sick pay and parental leave over Hinkley Point deal
2 days ago

Competition chiefs win legal fight for more construction raids

High Court rules CMA officials can raid a domestic property as part of investigation
2 days ago

More Osborne companies file administration notices

Three more divisions lodge notices with court
2 days ago

McLaren wins multi-storey urban logistics contract

South London win with British Land is pioneering urban logistics hub
2 days ago

Big social housing schemes at risk over funding uncertainty

Housing associations warn uncertainty over public funding beyond 2026 is curbing new schemes
2 days ago

Kier wins Worcestershire town centre renewal

Firm secures Bromsgrove commercial and cultural hub project
2 days ago

BAM signs Kent school contract at £42m

Sevenoaks school rebuild signed off at £8m more than first estimates
2 days ago

RG Group signs £121m Newcastle rental homes job

Developer Olympian Homes advances 519 flats plan at Pottery Lane site
5 days ago

Geoffrey Osborne files administration notice

Contractor in talks to save parts of the business
5 days ago

Winners named for £260m Manchester Uni framework

B&K, Henry Bros, Graham, Robertson and Vinci among new line-up
5 days ago

Shed specialist Benniman rides out market lull

Worcestershire warehouse builder says industrial and logistics work is picking up again
5 days ago

Another contractor cleared after high profile immigration raid

Adana Construction employees were working legally on site swooped on by Home Office
5 days ago

McAleer & Rushe wants to meet new London suppliers

Contractor holding Meet the Buyer event in London: Register now
5 days ago

McAlpine signs £500m Broadgate dual towers deal

Work to start on iconic 36-storey and 21-storey towers
6 days ago

Worker rescued from collapsed four metre deep trench

Fire crews take six hours to save trapped builder near Blackwall Tunnel
6 days ago

Gove puts another major building scheme on hold

Secretary of State starts another planning fight after M&S defeat
7 days ago

Greenwich University tenders £300m framework

Up to five firms will carry out upgrade and newbuild work at three campuses
6 days ago

Work starts on Manchester 26-storey Obsidian tower

Contractor Domis starts Salboy's 10th Manchester scheme in seven years
6 days ago

Race for £1.3bn West Midlands social homes framework

The Community Housing Group reboots tender race for new build housing
6 days ago

Contractor services