Old Creamery building firm Yuill Homes has gone into administration.
Steven Ross and Ian Kings of accountants Baker Tilly have been appointed joint administrators of the Hartlepool-based company.
The house builder, which was originally established in 1927, was purchased by Cecil M Yuill in 1993 and trades from premises in Hartlepool, employing more than 50 staff.
The company owns the Old Creamery development off White Leys Road in Whitby.
Steven Ross, a restructuring and recovery partner at Baker Tilly in the North-East, said: “Yuill Homes is a well-known brand in the North-East housing market but, due to the high level of debt finance, was placed into administration to protect the value of its assets for the benefit of creditors.
“The company will continue to trade while we seek a buyer for the business on a going concern basis.
“Our immediate priorities are to speak with employees, suppliers and other stakeholders as well as those people who are in the process of buying a new home from the company.”
Any enquiries from interested parties should be directed to Steven Brown at Baker Tilly on 0191 5115000.