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Hurstwood Developments goes bust
Bolton-based property group Hurstwood has placed two more of its businesses into administration.
Hurstwood Developments and Hurstwood Facilities Management have suffered the same fate as Hurstwood Construction, which was placed into administration in June.
The company has issued a statement blaming the collapse of the housing market and pressure from creditors for its demise. It said that it will now attempt a restructuring of the rest of the group. Meanwhile, the company said that a number of redundancies were inevitable and it has halted work on various sites including the mixed-use commercial scheme at New Hall Hey in Rawtenstall.
“The construction side of our group has been hit hard by the complete collapse of the property and housing markets. We have spent millions of pounds over the last 12 months trying to keep Hurstwood Developments alive but pressures outside our control and the knock-on effect of placing Hurstwood Construction into administration earlier this year, eventually took their toll,” said chairman Stephen Ashworth.
“In taking these steps now we are trying to protect the long-term future of the group as a whole. It has not been an easy decision but it is not a problem that is confined to our business — it is a national and global one.
“Restructuring is a very painful process and we have no choice but to close down all of our construction activity and by doing so, retreat to our core activity of property investment.”
Hurstwood Developments and Hurstwood Facilities Management have suffered the same fate as Hurstwood Construction, which was placed into administration in June.
The company has issued a statement blaming the collapse of the housing market and pressure from creditors for its demise. It said that it will now attempt a restructuring of the rest of the group. Meanwhile, the company said that a number of redundancies were inevitable and it has halted work on various sites including the mixed-use commercial scheme at New Hall Hey in Rawtenstall.
“The construction side of our group has been hit hard by the complete collapse of the property and housing markets. We have spent millions of pounds over the last 12 months trying to keep Hurstwood Developments alive but pressures outside our control and the knock-on effect of placing Hurstwood Construction into administration earlier this year, eventually took their toll,” said chairman Stephen Ashworth.
“In taking these steps now we are trying to protect the long-term future of the group as a whole. It has not been an easy decision but it is not a problem that is confined to our business — it is a national and global one.
“Restructuring is a very painful process and we have no choice but to close down all of our construction activity and by doing so, retreat to our core activity of property investment.”
Tue, 16th Sep 2008