John Laing Partnership goes into administration

Oct. 4, 2010
<p>John Laing Partnership and subsidiaries Intro Homes, Impala Partnership and JLP Homes have gone into administration.</p> <p>The Hertfordshire-based Group was focussed on social housing but Intro Homes provided a private sector arm. PricewaterhouseCoopers was appointed administrator on Friday as the firm struggled financially following the collapse in the private housing market and the subsequent uncertainty in the affordable housing sector. 41 staff were made redundant on Friday, with ten remaining to assist the administrator. </p> <p>JLP md Peter Taylor said: "Following the crash in the private housing market, the fortunes of the company have been further exacerbated by the deepening crisis in the affordable housing sector. This has resulted in secured contracts being significantly delayed and an extremely competitive tender market relying upon zero or negative margins. Furthermore, difficulty in settling final accounts has had a major impact on cash flow. In order to protect the interests of all creditors, the Board was faced with no alternative than to appoint administrators."</p> <p>Intro Homes (Lettings) has not entered administration. </p>

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