Fortitudo has cleared its office in Ashley Cross, shut down its website and completely ceased trading as all staff have moved away from the company.
The developer shared a record-breaking sale just nine-months ago, when it achieved the highest ever sale price of a single site in Poole.
A spokesperson for Fortitudo previously said: “The record-setting sale further cements Fortitudo’s position as a leader in premium real estate, particularly along the south coast.”
However, chief executive Richard Carr, has now confirmed the company has officially ceased trading due to the current economic climate.
“Residential property is very, very difficult to sell, particularly high-end property, and so we have decided to shut the businesses as it was,” said Mr Carr.
He said a different part of the business will continue with commercial property including roadside retail and student.
Mr Carr added how the climate is “absolutely terrible for developers” and said we are in a property recession.
“We closed it because we just can’t sell anything, can’t make any money,” he said.
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It was said that some on-going projects have been handed to another contractor or developer to complete, while others Mr Carr will finish himself.
“The economy is absolutely shot, and my personal view, is things are going to get worse.
“I see no light at the end of the tunnel whatsoever of the market improving and its very sad, but it’s the unfortunate byproduct of the current administration.”
Mr Carr believes the industry is heading into a ‘severe time unless the government does something radical’.
He added that the potential introduction of a wealth tax would cause entrepreneurs to leave the country.
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“You start talking about wealth taxes and you’re going to have a complete brain drain, in my opinion, and entrepreneurs will go elsewhere and make money.
“If there’s not an environment for entrepreneurial people, then they’ll move on.”
It has been reported nationally that the Labour government has not ruled out a wealth tax.
