Housebuilder, the Stewart Milne Group (SMG) has collapsed into administration with the immediate loss of 217 jobs with hundreds of other sub-contractor jobs at risk. And it is a worrying time for some local residents as The Stewart Milne Group, which one of the country’s largest house building companies, is behind the construction of an estate of luxury homes on the Wrea Brook site in Warton, where work is currently incomplete. Homes are only partially built. Roads and pavements are unfinished.

Concerned customers who have forked out thousands for homes currently being built now face uncertainty.

Tycoon Stewart Milne, 73, revealed the plug was pulled by the bank after his company was put  on the market. He said: ‘I am devastated by this totally unexpected outcome of the sale process. “I’m struggling to accept it, given the profound impact it will have on employees, sub-contractors, suppliers and customers.’

He added, ‘Stewart Milne Group was up for sale and, following significant interest, two bids were submitted.  The bank has not accepted either bid and withdrawn its funding which left the directors with no option but to appoint administrators.’

“I tried everything I could to find a way to achieve a better outcome for the business and the people who depend on it. I believe one of the bids could have delivered a comparable, financial return to administration and, crucially, allowed the business to continue to operate, safe-guarding hundreds of jobs and protecting livelihoods.’

The administrators have issued this advice for those affected: https://free-4410418.webador.co.uk/?_gl=1*1dgfql7*_ga*MjA3ODgzNDk5Mi4xNzA0NzE2MTQ1*_ga_E6PZPGE4QM*MTcwNDcxNjE0NS4xLjEuMTcwNDcxNjYwOC42MC4wLjA.