Tony Pidgley Jr's house builder Cadenza in liquidation

Tony Pidgley Jr, the son of Berkeley Group founder Tony Pidgley, has put his house building company Cadenza into liquidation.

Pidgley Jr set the company up in 2001 after he left the Berkeley board.

The house builder lost funding for two of its developments after Heritable Bank, a UK subsidiary of Icelandic bank Landsbanki, went into receivership last year, according to the Times.

Pidgley Jr said: "We were in a very difficult situation where our bank was unable to fulfill its funding commitments. The bank's administrators ripped up our agreements. I tried to refinance with a number of other banks, but you just can't refinance.

“The real issue is that the bank is in administration and the failure of the bank is unprecedented.”

Valentine & Co has been appointed as liquidator of the firm.