Property development company Asquith Properties has gone into administration, the latest company to be hit by the downturn in the property market.
The West Yorkshire-based firm, founded by Russell Baker and Katherine Stacey in the 1990s, said it had suffered cashflow problems because of difficulties accessing finance to fund its developments.
The company has only five remaining employees.
It has appointed Steve Ellis and Ian Green of PricewaterhouseCoopers in Leeds as joint administrators.
Ellis said one of Asquith’s high profile developments, Bradford’s Gatehaus residential project, had suffered from escalating costs and the company had also been unable to realise value from its property assets because of the downturn in the market.
It was set to be Bradford’s tallest tower, at 38 storeys.
