KPMG Administrators were appointed to the Leeds-based company on 16 April. They are currently reviewing the options available to the business and intend marketing the business and assets for sale.

The company has a turnover of £22m and has ten active development sites, all in Yorkshire and Scotland.

Joint Administrator and KPMG Restructuring Partner Mark Firmin said: "Since the onset of the credit crunch, market conditions have been difficult and the Group has been a victim of the slow-down in the housing sector.

"The reduction in activity in this sector is due to the combination of a lack of consumer confidence in the property market and the limited access to mortgage funds for prospective purchasers.

"We will be writing to all affected parties, including contractors and customers, advising them of the situation whilst we review the options for the business."