Building firm in trouble

7:00am Friday 23rd May 2008

ONE of Poole's biggest developers has been plunged into administration.

Braeside Developments is believed to owe significant sums to creditors.

“Six months ago, we said ‘enough is enough’ and decided to concentrate on houses and bungalows."

Terry Fox, director of Fox Homes

The crisis leaves dozens of half-built flats and houses across the conurbation.

The circumstances surrounding Braeside will not be known for months, says administrator BDO Stoy Hayward.

Braeside director William Burke had no comment when contacted by the Daily Echo.

Bob Johnson, planning control manager at Bournemouth council, said he would expect the administrators to "do their utmost" to ensure the completion of the sites.

Alan Muzzall, head of building consultancy services at the Borough of Poole, said the council would anticipate "a number of developers" taking an interest in the dormant locations.

It is thought possible that some of Braeside's half-finished sites could be sold off to housing associations.

Terry Fox, director of another local developer, Bournemouth-based Fox Homes, said the recent flood of one and two-bed flats on the local market could be to blame.

He said: "Six months ago, we said enough is enough' and decided to concentrate on houses and bungalows.

"It's the first and second-time buyers who are struggling. If developers have got a big stock holding of flats, it could be difficult times."