Marden Homes Limited (02769286): administration
- Status
- In administration
- Administration began
- 2024-10-21
- Administrators
- Michael James Wellard
- Administrators' firm
- RBW Restructuring
- Formerly
- Marden Homes Public Limited Company; Letacre Limited
- Incorporated
- 1992-11-30
- Location
- Hertford
- Industry
- 41202 Construction of domestic buildings
Why it went into administration
- COVID-19
- Rising costs / inflation
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Property / lease costs
- Sustained trading losses
- Rising interest rates
From the administrators' statement
Like similar businesses, the Company was severally effected by Covid that initially led to site closures. When developers/contractors were allowed to continue building, the requirements introduced by the Government led to increased costs.
Following Covid, the Director estimates that building costs increased by up to 28%.
In 2021, the interest base rate started to increase, rising from 0.25% in December 2021 to 3.50% in December 2022. The rate continued to rise, reaching a maximum 5.25% in August 2023.
Administrators' statement of proposals (2024-12-17) · Companies House register