Highmore Homes in administration

Edinburgh house builder Highmore Homes has gone into administration.

Highmore has asked its bankers, HBoS, to appoint an administrator in an attempt to rescue the business, reports Property Week.

The house builder was bought by fund manager Highcross last year.

A spokesman for Highcross said: "Despite a strong sales record and low built stock, the company was finding that there are plenty of purchasers willing to commit, but who were failing to secure mortgages to complete the deals. The management are discussing a rescue package with the administrators."

Highmore was founded in 2001, and employs 65 staff. It had a projected development pipeline of around 3,000 units, and was thought to be planning around 500 homes in 2007/08.