Heritor's mothballs 20 developments as it appoints administrators

The development arm of upmarket Scottish property firm Heritor’s has gone into administration.

Heritor’s Residential Property has mothballed its 20 development sites in Glasgow and Edinburgh after appointing PricewaterhouseCoopers as administrators.

The Scotsman reported the firm’s residential arm is continuing to trade.

Heritor’s Residential Property holds properties worth around £150m in a partnership with HBOS but was hard hit by the downturn in the property market.

In October it changed its development strategy and halted work at four sites, axing four staff members.

Administrators told the newspaper they hoped to sell off part or all of the company’s assets.