DC Group, acquired by social housing firm in 2006, closed down after court hearing yesterday

A subsidiary of Kinetics, the social housing firm, has been wound up after a court petition by HM Revnue & Customs.

The Royal Courts of Justice confirmed that DC Group, a subsidiary of the firm, had been wound up following a court hearing yesterday morning.

DC Group, a £30m turnover social housing and repair company bought for £15m in 2006, had a winding up petition lodged against it by HMRC on 26 May.

£120m turnover Kinetics has bought up 19 different firms since it was formed in 2006 with the backing of venture capital firm Sovereign.

Chief executive Chris Cheshire was given a war chest of £50m to go out and buy up firms when Kinetics was formed.

Another winding up petition for Seaflame, a subsidiary of DC Group, was suspended after a hearing at the same time at the Court yesterday morning.