SRM Holdings in Administration

SRM Holdings and 36 of its subsidiaries have been placed into administration. SRM Holdings remaining 7 subsidiaries are anticipated to be in administration by the end of the week.

Joint administrators Bob Maxwell, John Kelly and Rob Sadler of Begbies Traynor in Leeds have confirmed that trade creditors and banks are owed in the region of £50m by the companies.

The downturn in the housing market, as well as bad publicity surrounding the businesses have been initially cited as the main causes of the failure.

The administrators have confirmed there will inevitably be job losses, but the extent of these are not clear at this stage.

Investigations into the conduct of the companies’ directors has not yet begun, but the administrators will be writing to all creditors over the coming months to establish a detailed history of the firm’s management over the recent months.