A Hartlepool-based construction firm has entered administration and is currently seeking a buyer.
Yuill Homes, which employs more than 50 staff, entered administration due to a high level of debt finance.
The company has constructed more than 30,000 across the North of England and is currently developing a site in Brierton Lane, Hartlepool.
Steven Ross and Ian Kings of Baker Tilly were appointed as joint administrators to Yuill Homes on 10 February.
Ross, a restructuring and recovery partner at Baker Till North East, said: “’Yuill Homes is a well-known brand in the North East housing market but, due to the high level of debt finance, was placed into administration to protect the value of its assets for the benefit of creditors.
“The company will continue to trade while we seek a buyer for the business on a going concern basis.
“Our immediate priorities are to speak with employees, suppliers and other stakeholders as well as those people who are in the process of buying a new home from the company.”
In addition to Brierton Lane site, the company also owns a number of other sites for future development.