SRM Holdings, a Leeds based property group and 36 of its subsidiaries which included Morris Properties, had debts totalling more than £50m owed mostly to a number of high street banks. The economic downturn in the housing market coupled with some bad publicity surrounding the business were cited as the main reasons for the failure of the company. All staff were unfortunately made redundant following the collapse. Investigations into the conduct of the companies’ directors have now commenced.
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