Oakdene in administration

Oakdene Homes has gone into administration.

The troubled house builder confirmed the news to the Stock Exchange today after the Royal Bank of Scotland appointed PricewaterhouseCoopers as administrators.

Shares in the firm were suspended on the Alternative Investment Market yesterday after the company failed to agree a refinancing deal.

Oakdene breached its banking covenants last year following a loss of £6.4m during the first six months of 2008.

The firm is based in Reigate, Surrey and specialises in top end new build and conversions across the South London Boroughs, Surrey, Sussex and Kent.