Stewart Milne English arm files administration notice
Stewart Milne Homes North West England Ltd has filed a notice of intention to appoint an administrator.
The Manchester based business is the English outpost of the Scottish based house builder.
Latest results for the North England West business show a turnover of £45.9m for the year to October 31 2022 generating a pre-tax loss of £1.1m.
The whole group was put up for sale in April 2022 when its founder and main shareholder Stewart Milne decided to retire after nearly 50 years at the helm of the business.
But the sale process was paused later that year in the wake of the economic turmoil caused by Liz Truss’s brief reign as Prime Minister.
Last summer the house builder confirmed it was back up for sale after posting group results for the year to October 31 2022 showing a £16.5m pre-tax profit from turnover of £172.3m.
Data and credit checking specialist Red Flag Alert highlighted the firms’ administration notice with its regular checks of high court construction insolvency applications.
Subscribers to the Red Flag Alert service benefit from early warnings about the financial health of companies to help them avoid bad debts.
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