Rob Croxen, Allan Graham and Blair Nimmo, from KPMG, have been appointed joint administrators to Norfolk-based Morston Assets Ltd which specialises in mixed use regeneration and development projects throughout the UK and has failed from lack of funding
The KPMG restructuring partners have also been appointed as administrators and fixed charge receivers over certain of the group’s subsidiaries and properties.
Rob Croxen, joint administrator and KPMG partner, said: ‘Unfortunately after many months attempting to raise finance in order to complete regeneration and development projects, new funds have not been secured.
'The directors felt that there was no other option but to put the business into administration in order to protect current projects and to preserve value for creditors.’
Administrators have been appointed to Morston Assets, Morston Archway and Morston Management which do not own any properties. They have also been appointed to Morston Whitecross, which owns properties in Whitecross and Falkirk; and Yours Communities Coatbridge 1 and 2 with properties in Calderwood Village and land in Coatbridge.
The company employs 28 staff and the administrators said they are continuing to trade the business whilst the strategy to realise best value for the portfolio of properties is determined.
