Boligbygger konkurs

M2 Tomteutvikling, an Oslo-based construction firm founded in 2017, has filed for bankruptcy. The company, based in Stavanger, has constructed single-family homes throughout Rogaland county. The cause of the bankruptcy is attributed to reduced market activity, higher interest rates, and increased costs in the construction industry, including higher raw material prices. M2 Tomteutvikling's owner and CEO, Jan Terje Langeland, stated that the situation grew worse when considering the combined factors.

In recent years, the construction industry has seen multiple bankruptcies, with many occurring as a result of lower activity following the COVID-19 pandemic, increased interest rates, and higher costs. Despite the bankruptcy, M2 Tomteutvikling aims to continue operations through a partnership with property developer Norrøn Gruppen.

The plan is for the two companies to purchase the bankrupt company's assets. Langeland stated that they had been in dialogue with Norrøn Gruppen for several weeks, but concluded that saving the business from bankruptcy was unlikely at that point.

The goal is to keep the projects moving forward and take over the ongoing projects. Bostyrer Kjersti Lunde informed E24 that several other construction companies in the industry have expressed interest in the project. However, no bids have been submitted yet, but the property owner believes that bids will come in relatively quickly. M2 Tomteutvikling has two employees, while its subsidiary Drømmehus, which also filed for bankruptcy, has 13 employees affected. Drømmehus is now facing a workforce reduction.

Norrøn Gruppen brings in more financial resources than M2 Tomteutvikling had, and securing employment for the affected workers is one of the primary goals of the partnership. Langeland expressed that the best outcome is having Norrøn Gruppen involved, as it is the best possible result. The company's debt, primarily to suppliers and not banks, exceeds 10 million kroner.

The company has experienced a profit in the past four years, with income increasing to over 140 million kroner in 2024 and 2025, according to the annual accounts. However, their debt has also increased. Langeland explained that "liquidity choked us," and the bankruptcy had been in the company's books for some time.