Latest accounts for the firm’s holding company for the period to June 30 2023 reveal a string of exceptional items associated with building safety measures and costing errors on previous developments.
Finance costs for loans also racked up as interest payments hit £87.8m during the year.
Avant Homes is run by ex-Persimmon chief Jeff Fairburn.
The firm was acquired in 2021 when private developer Berkeley DeVeer partnered with fund manager Elliott Advisors to buy the business.
Just days before the latest accounts were published it emerged that Avant Homes had approached Crest Nicholson with a rival bid for the business which was rebuffed as it ties-up a deal with Bellway.
The accounts reveal provisions of £68.4m to repay work under the Government’s Building Safety Fund – up from £17m last time.
Avant said it is negotiating with the government to try and delay repayments under the scheme.
The acounts also reveal provisions for “material errors” in the books before the business was acquired in 2021.
The company stated: “These errors resulted in a material over statement of the performance of the Avant Group in periods to April 2021.
“The scale and nature of these errors have only become apparent in the current period following a full review of all sites.”
The review has led to a £43m alteration in the net assets at the time of the acquisition.
.jpg)
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : ConstructionEnquirer – https://www.constructionenquirer.com/2024/07/15/avant-homes-makes-109m-loss/
