Tees

Hartlepool-based Yuill Homes in administration

More than 50 jobs are under threat after administrators were called in to a struggling Teesside housebuilder.

Hartlepool-based Yuill Homes has built more than 30,000 homes since it was founded in the town in 1927.

But the company has faced mounting borrowing costs and is currently involved in just one project.

A spokesman for administrators Baker Tilly said the firm would continue trading, but that a buyer was being sought as a matter of urgency.

The spokesman said: "Yuill Homes is a well known brand in the North East housing market but, due to the high level of debt finance, was placed into administration to protect the value of its assets for the benefit of creditors.

"Our immediate priorities are to speak with employees, suppliers and other stakeholders as well as those people who are in the process of buying a new home from the company."

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