Oakdene Homes calls in the administrators

Oakdene Homes, the property developer that grew on the back of strong property prices in the South-east of England in recent years, called in the administrators yesterday after failing to reach an agreement with lenders about debt.

The group's shares were suspended yesterday after negotiations with banks about the repayment of outstanding credit lines collapsed. The talks have been going on since September when the company announced it had breeched debt covenants. The group's shares have lost 91.6 per cent of their value in the last year.