Cashflow pressures are being blamed for a Shropshire social housing developer being forced into administration.
Saxonby (Affordable Housing) Ltd, based in Shrewsbury, has gone into administration with the loss of 41 jobs. Its affairs are being handled by FRP Advisory LLP.
Work at all of the company’s construction sites has been paused while administrators assess options.
Other companies in the Saxonby Group are not affected and continue to trade as normal.
Joint administrator Rajnesh Mittall said: “Unfortunately due to cash flow pressures, Saxonby (Affordable Housing) Limited has been forced into administration. The financial position of the company has meant that we have had to make 41 members of staff redundant today.
“We are currently evaluating the options to sell all or parts of the company and offering support and guidance to those who have sadly been made redundant.”
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This article was published on 12 Feb 2018 (last updated on 12 Feb 2018).