McInerney folds seven firms

McInerney Holdings Group has put seven of its UK units into administration, with the housebuilding group blaming the continuing poor health of the property market. The companies affected by the administration include McInerney Group, McInerney Homes, Alexander Developments (North East), Lancing Homes, Gold Homes, William Hargreaves and Bowey Homes. Several building projects in the Midlands and north of England were immediately put on hold. Richard Heis, Brian Green and Paul Dumbell of KPMG have been appointed as administrators and are looking at forming a number of deals to manage the transfer and continuation of some development sites. Heis said the difficult economy had limited the company’s ability to function without the support of additional finance. The seven companies employ a total of 161 staff members for 32 development sites.