Retirement housing specialist succumbs to pressures of credit crunch leaving four housing schemes incomplete

Retirement housing specialist English Courtyard has become the latest victim of the credit crunch and fallen into administration.

According to documents filed at Companies House, the Berkshire company employed 21 staff in the year ended 7 April 2006 and made a pre-tax profit of £2m on turnover of £13m.

According to administrator BDO Stoy Hayward, there have been three redundancies so far.

Martha Thompson, business restructuring partner at BDO Stoy Hayward, said: “The current position of the UK economy and the knock-on effects on the housing market have directly affected the business of English Courtyard Developments.”

BDO is trying to find another contractor to complete the four schemes the company has that are currently under construction.