Tyneside Housebuilder Goes into Administration
On Friday 9 October 2009, Andrew Haslam and Simon Lundy of Begbies Traynor were appointed Joint Administrators to David Barlow Homes Limited and David Barlow Property Limited.
Based in leasehold premises at Airport Industrial Estate, Newcastle upon Tyne, the group was established in 2004. It was developing three sites in the North East located in Seaham, Cheston Bank and North Alnwick and also had a land bank of undeveloped sites in the region and further afield.
Ten of its total staff of 16 have been made redundant following the administration.
Joint Administrator Andrew Haslam of leading business rescue, recovery, and restructuring specialist Begbies Traynor, said: “Following our appointment, we are actively working with the management team in order to understand the viability of the business and take steps to either sell the part developed sites to alternative developers or undertake the completion of the developments and sell the completed properties piecemeal.
“At this time, it is too early to say whether we will be successful in selling the group as a going concern, however, interest has been shown in the group. This will obviously have an impact on staffing levels as the group’s operations are rationalised.”
Mr Haslam added, “The well publicised dip in the property market has led to the group’s sales falling behind projected levels and the impact on cash flow has meant additional support being sought from funders, however, there is a limit to how far this support can be stretched. With no likelihood of sales in the near future a decision has been made to appoint Administrators to protect the asset position and manage the ongoing trade.”
A Chartered Certified Accountant and Licensed Insolvency Practitioner, Gillian has been involved in business rescue recovery and insolvency since 1999. She began her career with KPMG before joining Begbies Traynor’s head office in Manchester, moving to the Begbies Traynor Nottingham office in 2004 before returning to her native northeast to join the newly opened Newcastle office at the end of 2008.
Gillian was involved in the opening of a further northeast office in Teesside in 2010 and now spends her time between the two offices.
She is also an ACCA Northern Counties Panel member.