Northern Ireland

KB Developments goes into administration after £1m loss

A Newry housebuilding firm, KB Developments, has been placed into administration.

The firm's last filed accounts, to the year ending March 2010, showed an annual loss of more than £1m.

At that time the firm owed its creditors around £4m but had assets of £1.4m. It's believed the administrator was appointed by Bank of Ireland.

KB Developments built the Carrickcroppen Hill development at Camlough in County Armagh.

Properties in that development are being offered for sale by two Newry estate agents, including a unfinished five-bedroom house with an asking price of £100,000.

The Northern Ireland housing industry is still in a deep recession following the bursting of a price bubble.

Prices are continuing to fall, demand is low and mortgage banks are imposing tough lending criteria.