Housebuilder Elite Homes has ceased trading after losing money on two Liverpool city region schemes. Tony McDonough reports
Liverpool residential developer Elite Homes is to cease trading after sustaining significant losses on two Merseyside housing projects.
Elite Homes is a division of long-standing private rental company Elite Estate Developments. The parent company is unaffected by this latest move and continues to trade normally.
Financial difficulties with the building contractor, complications caused by the pandemic and soaring raw material costs meant a scheme in Maghull and another in Prenton both suffered losses. Damfield Meadows In Maghull comprises 14 four-bedroom detached homes. Glenavon Park in Prenton in Wirral comprised 32 similar properties.
All the homes were completed and sold on the open market. However, landscaping work and snagging (checking for faults) has still to be completed. Elite Homes managing director Steven Latham said it was about to start litigation against the contractor to recover money that will be used to carry out the work.
He explained: “The houses are built and occupied but work remains to be done on issues such as landscaping and snagging to ensure both estates are completed to the standard that we and the residents had hoped.
“We have instructed our lawyers to commence the litigation process and we must now await the outcome of that. This is a very regrettable outcome. My job now is to fight hard with our legal advisors to secure the funds to complete the schemes.
“We have written to all residents to keep them up to speed with our efforts on their behalf and will share new information with them as we reach each legal milestone.”
Elite Estate Developments has a number of private rental units under management. The company is based in north Liverpool.