Regent Place developer goes bust
Parkridge Holdings, the developer of Regent Place in Loughborough and Ashfield Gateway in Sutton-in-Ashfield, has gone into administration.
PwC in the Midlands has been appointed to handle the administration, which has left 26 jobs at risk.
Parkridge Holdings comprises several property development companies with interests in the UK and overseas.
The holding company, which has UK offices in Solihull and London, also has operations in Poland, Portugal and France.
Parkridge Holdings is predominantly a holding company and Parkridge Gate Developments is a service company providing administration services to the group.
PwC has not been appointed administrator over any other companies in the group. Some of the subsidiaries are in liquidation while others still operate under the control of the directors.
Matthew Hammond and Rob Hunt of PwC were appointed joint administrators on 24 August 2011.
Hammond, partner and joint administrator, PwC, said: "Over the last two years the group had reduced its cost base and sought to sell assets to repay debt. This strategy, with the aim of trying to secure new equity and a refinancing, was supported by shareholders.
"However, cash flow pressure intensified earlier this year and long-running discussions around a refinancing broke down earlier this week. Following our appointment, we are reviewing the financial position and working closely with employees, lenders and subsidiaries during this difficult time."
