Northern housebuilder Strata Homes has fallen 拢7.4m into the red after land writedowns of 拢2.6m
In its latest accounts filed at Companies House, the Doncaster-based firm posted a 22% fall in turnover from 拢79.2m to 拢61.4m. It completed 391 homes, down a fifth on 2007.
Irving Weaver, the firm鈥檚 chair, said: 鈥淭he business has changed significantly to protect the company while retaining a core team in order to react when market conditions improve. The focus is on cash generation, effecting modest gearing, reducing overhead and operating costs, together with limited investment in acquiring consented land.鈥�
Debt fell from 拢40m to 拢37.8m at the end of 2008, but gearing (debt divided by equity) climbed from 109% to 127%.
In April, Strata renewed its borrowing facilities with Yorkshire Bank and, in a sign bankers have put housebuilders on a tighter leash, the lender cut its overdraft from 拢50m to 拢40m.
The pay of the highest paid director fell by nearly a quarter to 拢176,245 and, according to the Sunday Times Rich List, Weaver鈥檚 net worth fell by half to 拢46m in 2009. He dropped from 871st place to 1,198th.
Weaver set the company up in 1989 after entering the industry in 1969, when he joined the business his grandfather founded.
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