Housebuilder Inland Homes is to appoint administrators, as ongoing uncertainty related to regulatory failings means it cannot publish audited accounts for the past two financial years.
Inland has filed a notice of intent to appoint administrators, with the directors selecting David Hudson and Phil Armstrong of FRP Advisory to oversee the process.
FRP has been working with the Buckinghamshire-based firm to investigate regulatory breaches that emerged earlier this year.
Inland’s chair and two non-executive directors, Don O’Sullivan and Nishith Malde, resigned earlier this year as the company, which is listed on AIM, admitted it may have breached rules for listed companies.
In April, trading in Inland’s shares was suspended after it missed the deadline for publishing its audited accounts for the year ending 30 September 2022.
The collapse of the company brings to an end efforts by housing veteran Jolyon Harrison to rescue the housebuilder
Harrison was attempting to sell his NorthCountry Homes business to Inland as part of a complex rescue bid.
In a stock market statement, Inland Homes said: “Inland has reviewed options to continue its policy of seeking to complete existing construction projects at the same time as undertaking a comprehensive programme of disposals of its land assets.
“Taking into account the current circumstances and including the group structure and the current cash resources available to it, Inland has concluded that the appointment of administrators is in the best interests of all stakeholders.”
