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Asquith Developments, the West Yorkshire residential developer goes bust
Asquith Properties the Pontefract-based property development business, founded by Russell Baker and Katherine Stacey in the 1990s, has gone into administration, blaming cash flow problems caused by difficulties in accessing finance to fund its developments.
Asquith has been involved in a number of high profile projects, including the award-winning Gatehaus residential development in Bradford and also the redevelopment of Victorian mill Broadgate House in the city into apartments.
Steve Ellis and Ian Green of PricewaterhouseCoopers in Leeds have been appointed joint administrators of Asquith Properties, which has cut its staff numbers down to five and has no projects ongoing.
Mr Ellis said one of the reasons for Asquith's problems was escalating development costs on the Gatehaus development project and "an inability to realise value from its land and property assets due to the troubled UK property and development finance markets".
Mr Ellis said: “Asquith Properties is a well-established and well-known local business which has traded in West Yorkshire since 2000.
"It has undertaken a number of successful developments in the region, most recently completing the development of the impressive Gatehaus property in the Little Germany district of Bradford."
He said postponement of its other developments, including other schemes in Bradford, had generated significant losses for the company as the projects could not be funded.
Asquith has been involved in a number of high profile projects, including the award-winning Gatehaus residential development in Bradford and also the redevelopment of Victorian mill Broadgate House in the city into apartments.
Steve Ellis and Ian Green of PricewaterhouseCoopers in Leeds have been appointed joint administrators of Asquith Properties, which has cut its staff numbers down to five and has no projects ongoing.
Mr Ellis said one of the reasons for Asquith's problems was escalating development costs on the Gatehaus development project and "an inability to realise value from its land and property assets due to the troubled UK property and development finance markets".
Mr Ellis said: “Asquith Properties is a well-established and well-known local business which has traded in West Yorkshire since 2000.
"It has undertaken a number of successful developments in the region, most recently completing the development of the impressive Gatehaus property in the Little Germany district of Bradford."
He said postponement of its other developments, including other schemes in Bradford, had generated significant losses for the company as the projects could not be funded.
Fri, 12th Sep 2008