Chief executive Richard Carr confirmed all staff had moved away from the company after Fortitudo struggled during the ‘current economic climate’. Mr Carr said it was an “absolutely terrible [time] for developers”, stating we were in a property recession. Speaking to the Echo he said: "Residential property is very, very difficult to sell, particularly high-end property, and so we have decided to shut the businesses as it was. Mr Carr previously said that some on-going projects had been handed to other contractors or developers to complete, while other he will finish himself. Fortitudo previously announced that the business scored a record-breaking sale last year with its highest priced property sold in Poole.