PriceWaterhouseCoopers appointed administrators after housebuilder fails to strike refinancing deal

Housebuilder Oakdene has gone into administration.

In a statement to the City, it said its bank RBS had appointed PriceWaterhouseCoopers to handle the process.

The UK housebuilder's shares were pulled from the Alternative Investment Market yesterday after the company announced it had failed to strike a refinancing deal.

The future of the company was called into question in October last year, after it became the first listed housebuilder to breach its banking covenants.

The breach followed the firm's £6.4m loss in the first six months of 2008 and the admission that it had failed to raise £5m from a share placement.

At the time, Turpin assured investors that a refinancing plan would be put in place quickly, but there has been no news in three months.