Pricewaterhouse Coopers Become Administrators for Social Housing Group
Rob Hunt, Zelf Hussain and Mark Shires of Pricewaterhouse Coopers have been appointed joint administrators of Impala Partnership Ltd, John Laing Partnership Ltd, JLP Homes Ltd and Intro Homes (Stevenage) Ltd. today.
The group of companies had businesses in housing. All the companies are based in Hertfordshire.
The companies were traditionally involved in developing social housing. It did the work through John Laing Partnership Ltd.
In the year 2003, the management of this group pf companies decided to venture into the sector of private housing. It planned to do so through Intro Homes.
Most of the staff who was working for the three companies was made redundant. According to reports, 51 staff was sacked by the joint administrators.
Only 10 employees have been retained in a bid to get help in operating the business.
Zelf Hussain, who is the joint administrator and Director at Pricewaterhouse Coopers, said in a statement that the group had been facing a significant amount of cash flow difficulties due to a number of factors including delayed recovery of customer retentions, a lack of significant new contracts and deterioration in the housing market.
Hussain further added: “The board were unable to identify a viable way forward and were left with no option than to appoint administrators.”