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Swansea Construction Firm Is Wound Up

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A SWANSEA construction firm has gone into liquidation owing Barclays more than £2 million.

Baytree Homes, which was based at Swansea's Enterprise Park, had been in business for more than a decade before it ceased trading on July 1.

It had on its books 11 completed houses and nine plots built to foundation level at the former Stripmill Public House, in Coed Cae Road, Llanelli.

The site includes three four- bedroom houses, eight three-bedroom houses and nine plots built to foundation, which are valued on a forced-sale basis at £1.295 million.

The development should have been completed and sold by December 2008, but Baytree Homes sole director Jonathan Hale-Quant said troubles in the housing market led to the company being "starved" of cash and unable to continue trading.

Its turnover had dropped from £1,703,161 in 2007 to £24,272 in 2009, and went from a profit of £164,018 to a loss of £308,153 in the same period. As of July 30, it owed Barclays in Swansea £2,176,424.

Mr Hale-Quant said in his statement to liquidators that uncertainty in the housing market meant buyers were either unable to secure a mortgage or unsure if now was the right time to buy.

He said: "As a consequence, house prices across the country have dropped considerably.

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I'm surprised there have not been a few more like this. I would imagine many more are on the brink.

Developers at the high end and low end of construction have been gong pop sincemid 2008 - however, I know of two companies going from strength to strength ..they have minimal debt exposure .... debt is not wealth as they say !!

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