Staffordshire-based Pritchard Group has entered into administration.
Administrators at KPMG have been appointed to the property developer.
Pritchard Group chairman, Fred Pritchard has also announced his retirement from the 35-year old business.
Chief executive Charles Tippet said the move was a “technical procedure” and that while parent company Pritchard Group is in administration, all other subsidiaries were “trading as usual.”
He said: “It is part of a change of control at the top following acquisition of the group debt.”
Last November, Pritchard Group completed a £3m financing deal with Lloyds Banking Group to enable a restructure of the company.
The firm then split into two entities – the Pritchard Group, which managed the firm’s ongoing property investment and development business; and The Anglesey Group – headed by Pritchard’s son Jon – which looked after the Pritchard family assets.
The developer was prolific in building in and around the Cannock Chase area of South Staffordshire, with schemes including Orbital Plaza and Avon Plaza in Hednesford and the redevelopment of the St George’s hospital site in Stafford. He was known locally as ‘Mr Staffordshire.”
The Pritchard Group has a circa £90m portfolio.