Welsh developer Meadgate Western was put into voluntary administration yesterday by its directors.

PriceWaterhouseCoopers has been appointed administrator.

The company, which has 16 subsidiaries, has ceased trading and its subsidiaries will follow suit over the next few days.

Work on its developments has been suspended.

AIM-listed Cardiff PR consultancy Freshwater, said in a statement: ‘The only negative development is a potential bad debt provision for a long-standing client, owing approximately £154,000.

'It is not clear how much will be recovered at this stage. However, the company concerned does have substantial assets of land and completed houses, the realisation of which will be available for creditors.’

Meadgate was formed in the 1990s and built the first £1m new build home in Wales at the Cefn Mably development on the outskirts of Cardiff.