Crunch takes toll on home builder; in association with RBS.Byline: Graeme King
CONSTRUCTION company Newton Moor has been placed in administration, leaving around 100 staff and other contractors in limbo, waiting to hear whether the business will survive.
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The economic downturn has made life very tough for construction companies, as businesses in all sectors cut back on expenditure and postpone expensive development projects.
The company's accounts for the year to September 2007, the most recent available, show it made a loss of just over pounds 600,000, following a loss of pounds 242,000 the year before.
Housebuilders such as Bellway, Persimmon persimmon: see ebony.
Either of two trees of the genus Diospyros in the ebony family, and their globular, edible fruits. The native American persimmon (D. , Barratt and Taylor Wimpey Taylor Wimpey plc (LSE: TW.) (formerly Taylor Woodrow plc) is the largest British based house building and general construction company and the fifth largest in the world. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index. have all had to cut jobs in the region as the housing market continues to crumble.
In March this year, Sunderland-based housebuilder Wilcomm collapsed with the loss of 26 jobs and others have been making cutbacks since.
Newton Moor Construction is probably best known for housebuilding, but has worked on a wide variety of projects in the medical, leisure, and industrial markets.
Housing projects include The Meadows in Sedgefield, The Paddock paddock
a fenced field or enclosure.
used for mating. in Gilesgate, Durham, and The Steadings at Neville's Cross in Durham.
The company has also worked on the Newcastle United training ground in Longbenton, the Claypath Medical Centre in Durham, and an extension to the Project North East building in Felling, Gateshead.
Newton Moor is majority owned and run by 61-year-old managing director Eric Clark. He also has interests in several other companies including Hedley Park Developments, Allergate Investments, and several different companies under the Newton Moor Homes banner.
Administrator Ian Kings of Tenon was not available to comment yesterday.
Nobody from Newton Moor Construction was prepared to comment either.
"The economic downturn has made life very tough for construction companies