Firm sank in October after months of turmoil
Administrators for Inland Homes have said none of the 20 companies within its group can be saved because there isn’t enough money to keep daily trading operations going.
FRP Advisory was appointed administrators of Inland Homes Plc and 19 of its subsidiary companies between 4 October and 6 October.
The administrators’ report states that three subsidiaries, Aston Clinton Developments, Inland Homes 2013 and modular business Hugg Homes, may lack adequate assets and property to facilitate a distribution to all unsecured creditors.
However, secured or preferential creditors will be paid by selling assets from the three subsidiaries.
At the time that the administrators were appointed, an Inland Homes subsidiary, Basildon Developments had £3.15m in its bank account, and Inland Limited had just over £769,000, while Hugg Homes and Inland Homes Developments Limited had £1,289 and £1,473 in cash assets respectively.
A statement of affairs published on 4 December said Inland Homes has a deficit of £1.25m in regards to the total assets available to unsecured creditors and its estimated overall deficit is £292.3m.
Inland Homes had been in turmoil for a year since it announced a profit warning and the resignation of its former chief executive Stephen Wickes last September.
The company had been unable to announce results for the year to September 2022 given ongoing investigations into related party transactions and in September said it had breached a loan covenant with HSBC.