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PwC to administer Spalding housing developer

PricewaterhouseCoopers
(PwC) had been called in as joint administrators of Spalding housing developer
Castle Building, citing cash flow problems and difficulties in the construction
industry, as the reason for its collapse.

‘Castle Building is a well-established building company and is a casualty of
the well-publicised difficulties in the construction sector,’ Stuart Maddison,
joint administrator, told the Spalding Guardian’s today edition.

He said the business would continue to trade with a view to completing
existing property transactions and PwC would be seeking a purchaser for the
remaining assets of the business.

Castle Building has been working on an ambitious scheme to convert a local
grade-two listed building into residential units, and recently put the finishing
touches on a £4.8m, 46 apartment development.

Further reading:

Read
the Spalding today story

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