The crisis surrounding troubled Midland developer Chase Midland deepened today with an announcement that administrators had been appointed to the main holding company and its Chase Homes (Eastern) operation.
The move comes after the collapse of the group’s Chase Norton Construction division, which went into administration yesterday with the loss of 107 jobs.
Ernst & Young have been appointed to administer the two companies, whilst PricewaterhouseCoopers after administering Chase Norton.
In a further move Deloittes has also been appointed to administer the group’s Harborne Apartments business – a 94-apartment scheme in High Street, Harborne.
The collapse of the holding company has resulted in the loss of a further 50 jobs.
In a statement today, Ernst & Young said: "Ian Best and Diana Frangou have been appointed joint administrators of Chase Midland and Chase Homes (Eastern).
"Chase Midland is the holding company and main operating company of the £90 million turnover group, based in Warwickshire and the West Midlands that directly employs 50 people.
"The group is a major developer and builder in the residential and commercial property sectors. Chase Homes (Eastern) is a property development company and subsidiary of Chase Midland."
Chase has blamed the problems on severe cash flow problems.
The administrators are currently assessing the financial position and viability of the group’s business, but they said that the majority of the group’s subsidiaries were not affected by any insolvency process.