Housebuilder fails: ￡3m debts

摘要

Cotswoldgate has become the latest housebuilder to fall victim to the credit crunch after going into administration last week. The demise of the ￡13m turnover company, which has 23 sites in the west of England, prompted creditors to call for a change to the law that allows housebuilders and their financial backers to share the same company directors. Cotswoldgate's failure follows the fall into administration of Welsh housing developer Meadgate in March with debts of ￡36m. Both were backed by Aurelian Property Finance. Meadgate's assets were bought by River 7, a company with two directors also on the board of Aurelian. They are Martin Taylor and Jeffrey Taylor.