Regional housebuilder understood to have appointed Kroll as administrators
Regional housebuilder Mulbury Homes is understood to have appointed administrators amid mounting debts.
A statement released by Mulbury on Friday said: “The company has filed a notice of intention to appoint administrators. The company is currently considering its options and a further update will be provided soon.”
According to a source close to the situation, Kroll has now been appointed administrator of the £38.4m turnover firm, with an announcement expected tomorrow.
It is understood the Cheshire-based developer, which employs around 20 staff, had been struggling with cash flow issues and was under pressure from secured creditors amid a number of debts.
Its latest accounts for the period ending 31 March 2020 reported pre-tax profit of just over £12,000, less than half of the £27,800 posted for the previous year.
The firm’s website describes itself as an “award-winning developer with specialist divisions in affordable homes, care, city, residential and land procurement”.
It currently has 1,089 homes under construction, and has built around 2,000 homes with a combined value of £149m since its founding in 2010.
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