Fred Pritchard's business empire goes into administration

The business empire of Staffordshire property tycoon Fred Pritchard has gone into administration.

It is understood Mr Pritchard, aged 69, retired last night after 35 years at the helm of the Pritchard Group after administrators from KPMG were called in.

But the business is continuing to function under joint KPMG administrators David Crawshaw, Robert Croxen and Richard Philpott.

They have taken over running a string of companies within the Hednesford-based business including Pritchard Group Plc and Pritchard Construction Ltd.

But group chief executive Charles Tippet have insisted it was "business as usual" at the Pritchard Group. He said the company's 95 staff were continuing in their jobs and the business was operating as it had before.

Mr Tippet described the administration as a "technical procedure" as part of change of control at the top following acquisition of the group's debts.

The bombshell will leave the communities across Cannock Chase in a state of shock.

Mr Pritchard said today that he had retired from the chairmanship of the group rather than being forced out of the business.

"I will be able to do more of the golfing, fishing and shooting I enjoy and have not had a chance to do over the last two years due to the pressure of work," he said.

"I couldn't keep working till I dropped. I am 70 in November. I have done my time and a bit more."

Mr Pritchard has led massive redevelopment of the areas around Cannock, Stafford, Rugeley and Hednesford over the years following the demise of the local mining industry. He changed the Staffordshire landscape with his projects, which include the Ramada Hotel and High Green Court shopping centre in Cannock.