Matthew Hammond and Rob Hunt, of PwC, were appointed joint administrators of Parkridge Holdings Ltd and Parkridge Gate Developments yesterday.
PwC said in a statement today that the business had been trying to reduce its cost base over the last two years, but had come under further pressure at this year.
Hammond said: “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.”
Parkridge has 26 employees based in London and Solihull. Parkridge Holdings is predominantly a holding company and Parkridge Gate Developments provides administration services to the group.
PwC has not been appointed administrator over any other companies in the group, some of which are in liquidation and others continue under the control of the directors.
The Parkridge group comprises a large number of companies focusing on property development with interests in the UK and overseas, including Poland, Portugal and France.
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