Wed, 31 Mar 2010 | ADMINISTRATION
BuildAbility, the building firm that is responsible for Birmingham’s The Cube canal-side landmark, has gone into administration.
The firm says it has been unable to reach an agreement about funding with its bank. PricewaterhouseCoopers has been brought in as administrator and work has stopped on The Cube while the talks with stakeholders take place.
The development of the “futuristic” building is proving to be the thorn in BuildAbility’s side and PricewaterhouseCoopers says it is disappointed that an agreement could not be reached with the bank.
A statement from the building company said, ‘It is a sad day for The Cube, an ambitious project for Birmingham, into which we have put five years of our lives, but like many development projects across the UK, it has succumbed to the pressures of the global economic downturn, which followed the credit crunch.’
The Cube was being marketed as a development including apartments, restaurants, a hotel, shops and offices. However, it is now in a half-finished state and the administrator says it had no intention of marketing the development to a buyer before it was completed.
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