Camberley: Housebuilder in administration

Jane Moriarty and Jim Tucker from KPMG have been appointed joint administrators to Premier Properties Plc, following a request from Royal Bank of Scotland.

The company, which is based in Camberley, Surrey, is involved in the construction and development of residential property in the South-East.

Administrator Jane Moriarty said: "Unfortunately Premier Properties has become a victim of the collapse of the property market and have found themselves under increasing trading and cash pressures. KPMG is currently working towards marketing and selling land and properties previously owned by Premier Properties plc."

The company concentrated on the high end of the residential market from one and two bedroom luxury apartments to luxury country houses and mansions. Prices range from around £200,000 for certain apartments through to high end seven bedroom houses at £3 million.

It made a profit before tax of £1 million in the year to 31 December 2007 on turnover of £28m. The book value of land, developments in progress and properties held for resale at that year end was £29m.

Premier Property plc was placed into administration on October 6 and employed 19 staff, most of whom have now been made redundant.