Credit crunch and lack of consumer confidence is blamed by administrator KPMG
Leeds-based housebuilder Consort Homes has fallen victim to the credit crunch and gone into administration.
The £22m-turnover company employs 46 people and has 10 development sites in Yorkshire and Scotland. It appointed KPMG as administrator yesterday.
KPMG Restructuring Partner Mark Firmin said: “Since the onset of the credit crunch, market conditions have been difficult and the group has been a victim of the slow-down in the housing sector.
“The reduction in activity in this sector is due to the combination of a lack of consumer confidence in the property market and the limited access to mortgage funds for prospective purchasers.”
Its last accounts filed at Companies House for the year ended 31 December 2006, showed the company made a pre-tax loss of £215,205 on turnover of £21.7m.