Login to UKBP
Commercial Property News
Leeds property firm SRM Holdings goes bust for £50million
The Leeds property group SRM Holdings, owned by Simon Morris has gone into administration with debts of more than £50million.
Once listed in the Sunday Times Young Rich List with an estimated fortune of £69million, a residential property firm owned by 31 year old Mr Morris was the subject of a BBC Panorama housing fraud investigation last year.
SRM Holdings is a residential and commercial property business and the majority of its 50 subsidiaries have been put into administration with most of the major UK high street banks the main creditors.
Administrators from insolvency specialists Begbies Traynor in Leeds have been appointed to the business, which has its headquarters at Brewery Wharf in Leeds and owns a portfolio of more than 500 properties, mostly flats in Leeds, and employs 30 people.
A spokesman for Begbies Traynor said this morning that SRM Holdings and its subsidiaries had collapsed "because of the downturn in the property market, particularly within the residential new build market in Leeds".
The spokesman added: "Many residential property businesses have been hit by the downturn because people just can't get mortgages to buy flats."
Administrators are currently examining the books of SRM Holdings and its subsidiaries and assessing their assets and are due to carry out an investigation of the directors of the companies as part of the administration process.
The spokesman said it was too early to say what the future will be for staff of the businesses involved.
Once listed in the Sunday Times Young Rich List with an estimated fortune of £69million, a residential property firm owned by 31 year old Mr Morris was the subject of a BBC Panorama housing fraud investigation last year.
SRM Holdings is a residential and commercial property business and the majority of its 50 subsidiaries have been put into administration with most of the major UK high street banks the main creditors.
Administrators from insolvency specialists Begbies Traynor in Leeds have been appointed to the business, which has its headquarters at Brewery Wharf in Leeds and owns a portfolio of more than 500 properties, mostly flats in Leeds, and employs 30 people.
A spokesman for Begbies Traynor said this morning that SRM Holdings and its subsidiaries had collapsed "because of the downturn in the property market, particularly within the residential new build market in Leeds".
The spokesman added: "Many residential property businesses have been hit by the downturn because people just can't get mortgages to buy flats."
Administrators are currently examining the books of SRM Holdings and its subsidiaries and assessing their assets and are due to carry out an investigation of the directors of the companies as part of the administration process.
The spokesman said it was too early to say what the future will be for staff of the businesses involved.
Tue, 7th Oct 2008