Britannia Developments Limited Collapsed into Administration

An award winning building firm has collapsed into its administration got collapsed in Yorkshire. A report says.

A massive Yorkshire house building has completely closed down its property after suffering huge loses. A report from Yorkshire confirms it. On 2^nd January 2013, Adrian Peter Berry and Daniel Francis Butters were brought to the Britannia Developments Limited as joint administrators. These two persons are from Deloitte’s and they will serve as joint administrators of the concern. To add to the sorrow it can be said that the Britannia Developments Limited is awarded the Home Builder of the Year in the year 2002 and 2003 and it was also among the top 10 finalists in the year 2006 and 2007. This was a Farnley-based company and it used to operate in the west and south Yorkshire. It is now in possession of seven development sites and a lot of unsold properties. It is also in charge of three unfinished developments and all the charges went in the hands of the administrators.

The Yorkshire based company is also known to have a lot of property based on a lot of parcels of development and a lot of partly exchanged properties. A spokeswoman brought forward a new report saying that about 22 employees working in that company lost their jobs. The company was at its peak with a turnover of around 34 million pounds per annum in the year 2006 but it has suffered huge losses with a pre-tax loss of about 1 million pounds in the year 2008 to 2010. A lot of people including the builder’s associated expressed their deep sorrow concerning the huge loss faced by the building and the shutting down of the company.

Commenting on the particular shocking news, the people of Deloitte’s group of administrator commented that this is the biggest example of a company’s closing down during the recession. Recession is having a massive impact in the entire and global ambience making it very difficult for the businessmen to survive. They are facing tremendous losses as more and more people are less willing to invest during the period of recession. The massive problems associated with the builders lie here. So during the period of recession the businessmen must keep the ball rolling by the help of some investment strategies.