Home builder Geoxia, owner of the Maisons Phénix brand, announced that it had been placed in receivership on Tuesday and was looking for a buyer by June 10.
Weakened by the double effect of the pandemic and inflation, the builder of individual houses is placing itself under the protection of the Commercial Court of Nanterre to accelerate the search for buyers, Geoxia announced in a press release.
The judicial administrators are continuing the search process for a buyer, which has been underway for several months. The objective is to sell the company by the summer, continues the group, according to which interest has already been expressed.
The appointed judicial administrators have set June 10 as the deadline for submitting offers, according to the same source.
During the observation period, construction sites will either be suspended or slowed down, specifies Geoxia, which employs 1,150 people and achieved a turnover of 252 million euros in 2021.
The company puts forward many explanations for its difficulties: the health crisis, during which it did not obtain a loan guaranteed by the State, the disorganization of supply chains, the increase in the cost of materials and energy or well again the tension in relations with insurers and the consequences of the war in Ukraine.
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Founded in 1946, Maisons Phnix has developed in France thanks to a standardized model of individual house in steel and concrete, which is quick and inexpensive to build.
The brand has become a symbol of the accession to ownership of the middle classes and the suburban dream.