Mar City Developments, part of the Mar City group of companies, has entered into administration.
The London and Midlands-focused housebuilder was headed by founders Tony and Maggie Ryan. The married couple left the board of parent company Mar City six months ago, a further six months after the property firm was delisted from the Alternative Investment Market after failing to appoint a nominated adviser.
BDO business restructuring partners Shay Bannon and Sarah Rayment have been appointed joint administrators to Mar City Developments and the company has now ceased trading. All three staff have been made redundant.
Mar City Developments own the freehold interest in a number of commercial buildings in Birmingham and development sites situated in the Midlands. According to accounts filed via Companies House, as at 30 April 2013 the firm’s net book value of fixed assets, including investments, was just under £4.9m.
A statement issued by the administrators said: “The joint administrators will be instructing agents to market the property assets of the company. The company’s two subsidiaries, South Staffs Group and Terngate, have not been placed into administration while the joint administrators, with the assistance of the directors, undertake a strategic review of the options available to maximise stakeholder value.”
Mar City, Mar City Homes and Mar City Land, which are now separately owned and managed have not been affected and are not in administration.
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