Fri, 26 Aug 2011 | ADMINISTRATION
Administrators from PricewaterhouseCoopers were appointed yesterday to manage the administration of Parkridge Holdings and Parkridge Gate Developments.
Parkridge Holdings consists of a number of different property development firms, and has interests both domestically and overseas. Some 26 people working at the Parkridge offices in Solihull and London are thought to be affected by the administration.
Matthew Hammond - who with Rob Hunt - is an administrator assigned to the company, and said they would be working closely with the company, which has apparently been trying to work out a new refinancing deal for a couple of years.
"Over the last two years the group had reduced its cost base and sought to sell assets to repay debt," Hammond explained. "However, cashflow 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."
Parkridge Gate Developments is a service company providing administrative services to the group. PwC is not serving as administrator for any other companies in the group, some of which are understood to be in liquidation, while others are still operating under the control of the directors.
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