Administration · 21 October 2024
Marden Homes
Housebuilder · Westcliff on Sea · East Anglia
What happened
MARDEN HOMES LIMITED (company number 02769286), incorporated in 1992, entered administration on 21 October 2024. Its status at Companies House is now: administration.
Why it failed
Covid and a rise of up to 28% in building costs, then higher interest rates and slower house sales, strained cash flow despite £2.48m of director funding.
- Main reason: Cost inflation
- Market downturn
- Covid-19
- Cash flow
Our summary of the reasons given in the administrators' proposals. These record the administrators' and directors' account of what happened.
An administrator, a licensed insolvency practitioner, takes control of the company to try to rescue it, sell the business or get a better result for creditors than a liquidation.
Previously known as: MARDEN HOMES PUBLIC LIMITED COMPANY, LETACRE LIMITED.
Timeline
The last accounts and payment report before the failure, then what happened, with the time between each.
31 December 2022
Last accounts filed were made up to this date
22 months later
21 October 2024
Administration started
AccountsPayment reportInsolvency
Before it failed
Key figures
- Owed to unsecured creditors (estimated), as at 21 October 2024
- £6.7m
- of which trade creditors £4.0m. about 153 creditors. Expected return to unsecured creditors: none expected
- Administrators' proposals (includes £1.3m of directors' loans)
The last accounts filed were group accounts made up to 31 December 2022, 22 months before it went into administration. Private companies have nine months after their year end to file, so a gap of more than 21 months usually means the next accounts were overdue, one of the warning signs worth checking for.
The full filing history, including any late filings, charges and director changes, is on Companies House.
Lessons learned report
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