UK housebuilder collapses into administration with homes unbuilt
The company collapsed before work began on a planned residential development project.
A UK housebuilder has plunged into administration, leaving several homes unbuilt. Marturano Homes Houston Limited collapsed into administration after it reportedly fell behind on financial obligations, the administrators said.
According to the administrators’ latest report, the company’s principal asset – a development site in Greenock, Scotland with planning permission for 22 flats and associated parking – has now been sold following a marketing process. The site, located on Houston Street, was marketed by Graham + Sibbald with the benefit of an extension to its planning permission.
The administrators said: "The company’s sole asset is undeveloped land located in a mixed residential and commercial area of Greenock and comprises a proposed residential development site with planning permission in place for 22 flatted dwellings and associated car parking.
"Graham + Sibbald marketed the land for sale with the additional benefit of planning permission extension."
An initial sales process concluded in December after the only offer received was rejected by the administrators, who considered it to be significantly below the property's valuation.
The site was subsequently brought back to the market in April, generating renewed buyer interest and ultimately leading to the acceptance of a cash offer.
The administrators said in an earlier report registered in August: "The company was incorporated in November 2022 and specialised in developing property.
"In December 2022, the company secured land comprising 0.35 acres located at Houston Street, Greenock, with planning permission previously approved to construct 22 dwelling flats for onward sale.
“We understand no work has commenced following the acquisition of the land in December 2022.
"Crowd Property Limited holds a standard security over the land in Greenock with their total outstanding debt amounting to be in the region of £285,000."
FRP added: "The administrators were approached by Crowd due to the company being in breach of their lending agreement by being in default of its loan payment terms by several months."
The Daily Express has reached out to FRP for a comment.
