Homebuilder with 52 homes purchased and declared bankrupt – E24

Homebuilder with 52 homes purchased and declared bankrupt – E24

The company has suffered heavy losses in recent years, and has a debt of more than NOK 300 million. It has now been declared bankrupt by its new owner.

The company’s website has been taken down. Photo: Screenshot from Jaderhus website.
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On Friday, Stavanger-based housebuilder Jadarhus AS was declared bankrupt.

Attorney Flemming Karlsen at Stavangeradvokatene has a bankruptcy trustee role.

– Now my priority as housing manager is to figure out how to continue the ongoing housing projects. The company’s debt is more than NOK 300 million, and Sparbank 1 SR-Bank is the largest creditor, he tells E24.

– According to the company’s accounts, the equity minus is more than NOK 50 million. But the loss could be more than that, he adds.

Jadarhus AS develops and sells housing projects.

– They are currently building 52 houses, and there are plans to develop more plots of land, says Carlson.

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Between 2017 and 2021, the company’s operating income is between NOK 137 and 216 million. At the same time, the results are variable. In four of the five years from 2017 to 2021, the company has posted significant losses. In 2018, the company had a negative annual profit of 76 million.

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Jadarhus AS is a subsidiary of Jadarhus Gruppen AS. So is Jaderhus Bike AS. So Zadarhus AS is now declared insolvent.

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– Trosavik Invest AS has acquired 77 percent of the parent company Jadarhus Gruppen. Trustee Karlsson explains that after they became the main shareholder and took over the shares, they requested a tender in the subsidiary Jaderhus AS.

Trosavik Invest AS is owned by Inge Andreassen. He also owns Norrøn Hus AS and Hellvik Næring AS, both of which develop and sell real estate. Last year, Trosavik Invest AS ended the year with a profit of almost ten million kroner.

E24 has been in contact with Andreasen, who declined to comment on the acquisition or bankruptcy.

– The carpenters working in the company are employed by a sister company, Jadarhus Pike AS, which is not directly affected by the bankruptcy, but the bankrupt company is their only customer, explains trustee Karlsson.

Joshi Akinjide

Joshi Akinjide

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