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Hartlepool’s Yuill homes enters administration

Hartlepool house builders Yuill Homes have entered into administration.

The 87 year-old firm employs 50 permanent staff at its Hartlepool headquarters and has carried established numerous housing developments throughout the North East.

It is currently working on a single development site in Brierton Lane in Hartlepool and also owns a number of other sites for future development.

Joint administrators from accountancy firm Baker Tilly are now looking for a buyer.

Steven Ross, a Restructuring and Recovery partner at Baker Tilly in the North East, commented: “Yuill Homes is a well-known brand in the North East housing market but, due to the high level of debt finance, was placed into Administration to protect the value of its assets for the benefit of creditors.

“The Company will continue to trade while we seek a buyer for the business on a going concern basis.

“Our immediate priorities are to speak with employees, suppliers and other stakeholders as well as those people who are in the process of buying a new home from the Company.”

David Mullins, managing director at Yuill Homes, said: “The last five years have seen some of the toughest market conditions in the industry and we have done everything possible to avoid this route. However the financial economic climate has left us with little alternative.

“That said, we are hopeful that from this process there will be an emerging business that continues to build on a successful brand that has been in the North East housing market for over 85 years.”

This was posted in Bdaily's Members' News section by Tom Keighley .