The scale of the financial woes that faced a modular housing joint venture between Urban Splash and a Japan-based giant as it collapsed into administration has been revealed for the first time.
Urban Splash Housing Holdings was a joint venture between the Manchester-headquartered property company, Sekisui House UK - a subsidiary of the Japan-based Sekisui - and Homes England which owned 4% of shares.
The group owned a number of development sites and a modular building factory in Alfreton, Derbyshire.
READ MORE: Urban Splash joint venture enters administration with 160 people made redundant
The joint venture entered administration in May with 160 people made redundant.
Its modular homes have been used on sites such as Wirral Waters and New Islington in Manchester.
Teneo Financial Advisory, which has recently overseen the sale of Studio Retail Group and Missguided, was appointed as administrator.
Now, newly-filed documents with Companies House have revealed how much the joint venture owed to its creditors when it collapsed.
According to the documents, which were filed by Teneo, the joint venture owed creditors more than £8.3m and had an estimated total deficiency of £4.4m.
Its largest creditor was Sekisui House UK Limited which was owned more than £7.6m while Urban Splash Management Limited was owned £238,615.
The joint venture had more than £4m available to distribute to preferential creditors but the over £8.3m it owed to unsecured non-preferential creditors led it to having a total deficiency of £4.4m.
Teneo declined to comment when approached by BusinessLive.
