City firm latest to be hit in slump
Wolverhampton-based housebuilder Bentley Homes is set to go into administration, it emerged this afternoon. The firm has shed two-thirds of its 25 staff over the past three months.
Wolverhampton-based housebuilder Bentley Homes is set to go into administration, it emerged this afternoon. The firm has shed two-thirds of its 25 staff over the past three months.
It has struggled to keep going in the face of the downturn in the housing market.
The company was set up four years ago by brothers Ajmal and Akmal Ellahi.
A statement released by the pair today said: "The directors have spent months taking professional advice from the company's lawyers and have been negotiating with their funders to restructure the business to enable the company to complete all the development projects.
"Unfortunately, a rescue package was not forthcoming and based on the advice received, this left the directors no choice but to file a notice to appoint an insolvency practitioner.
"We are the single largest creditors to the business and we stand to lose our livelihood as a result of the downturn in the market."
At the firm's Coopers Court development in Compton Road, Wolverhampton, finishing touches were still being put to homes today.
A Bentley Homes employee at the company's site office at Castle Locks, Castle Road, Kidderminster, told the Express & Star that development was "still active".
Work has already been completed on a development in Oldbury called The Crossing in Broadwell Road.
Many of the one and two bedroom apartments are already occupied with just three properties remaining for sale through estate agents Paul Dubberley.
Carolyn Ashen, spokeswoman for Companies House, said she was not aware of any financial issues with the firm.
She said: "It is still an active company but it is overdue in filing its accounts which should have been with us by March 31. We have had the company's annual return, that is up to date. We will be writing to the company regarding the late filing of accounts and a fine will apply when they are received."
Zafar Raqfiq, lawyer for the company, said: "They have been working into the night, even as late as last night, meeting funders and trying to put together a package but it did not materialise."
