Rob Croxen, Allan Graham and Blair Nimmo, Restructuring Partners at KPMG, were appointed joint administrators to Norfolk-based Morston Assets Limited and also as administrators and fixed charge receivers over certain of the Group’s subsidiaries and properties on Friday 12th December.
The company, which employs 28 people, specialises in mixed use regeneration and development projects throughout the UK.
Commenting on his appointment, Rob Croxen 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 Limited, Morston Archway Limited and Morston Management Limited which do not own any properties. They have also been appointed to Morston Whitecross Limited, which owns properties in Whitecross and Falkirk; and Yours Communities Coatbridge 1 and 2 Limited which comprises of properties in Calderwood Village and land in Coatbridge.
The properties under administration are:
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Emma Murray, KPMG Press Office
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KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 11,500 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2013. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 155,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.