Failure to secure funding sees administrators appointed at Morston Assets Ltd
- Credit: Archant
Question marks surround the fate of several development projects in and around King's Lynn after the developers behind the project went into administration.
Rob Croxen, Allan Graham and Blair Nimmo, restructuring partners at KPMG, were appointed administrator to Norfolk based Morston Assets Limited and also as administrators and fixed charge receivers over certain of the Group's subsidiaries and properties.
The company employs 28 people and specialises in mixed use regeneration and development projects throughout the UK. It was also heavily involved in a number of projects in West Norfolk including Morston Point, Horsleys Chase, Saddlebow Road, and Willows Business Park as well as Morston House in Holt.
It also owns land on the proposed Nar-Ouse development project, however the move will not affect neighbouring West Norfolk council schemes for new housing.
Mr Croxen said: 'Unfortunately after many months attempting to raise finance in order to complete regeneration and development projects, new funds have not been secured. The directors felt that there was no other option but to put the business into administration in order to protect current projects and to preserve value for creditors.
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Administrators have been appointed to Morston Assets Limited, Morston Archway Limited and Morston Management Limited which do not own any properties. They have also been appointed to Morston Whitecross Limited which owns properties in Whitecross and Falkirk, Yours Communities Coatbridge 1 and 2 Limited.
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