Cheshire housebuilder Lane End Developments Construction owed almost £12m when it collapsed in April, it has emerged.
A report by its administrators shows the affordable housing specialist owed 412 unsecured creditors a total of £11.8m.
One supplier, security services provider Monitored Guarding, was owed more than £800,000, while 26 others were left out of pocket for more than £100,000.
Among the biggest creditors were builders’ merchant Huws Gray (£323,000), Lancashire & Cumbria Demolition (£226,000) and Sheffield-based Green Piling (£214,000).
The Warrington-based builder went into administration after talks with a potential buyer broke down earlier this year.
Its 112 employees were made redundant in April after it became clear the company did not have enough working capital to continue operating in administration.
The company, which had a turnover of £81.1m in the year to 31 May 2022, said inflation and material shortages had posed “continued challenges”.
Established in 2016, Lane End completed over 1,100 homes across 14 sites in the North West of England, mainly for social housing providers.
Among the providers it worked with were Clarion, Jigsaw, Trafford Housing Trust, Onward and Stockport Homes.
Administrator Quantuma Advisory said it was unable to provide creditors with an estimated profit and loss statement as there was “a lot of uncertainty” about the realization of assets for the benefit of the administration’s property.
“The joint administrators will try to update all creditors with a statement of results in future progress reports,” he said.
In its latest reported financial results, the builder made a pre-tax profit of £245,000, while cash levels fell by more than £3m to £2.7m .
