The death of a developer

Europe Towards the end of August, it was announced that British developer Parkridge Holdings (and sister company Parkridge Gate Development, which provides administration services to the group) had been taken into administration. PricewaterhouseCoopers has now taken over the administration of the two companies, but not over its hundred-plus subsidiaries in 14 European countries, according to an official statement from PwC. The move comes after a failed attempt over the last two years by the group to re-finance its debts. At the end of December 2008 (the last figures published by the group), these amounted to GBP 234 mln repayable on demand or due or by the end of this year, and when shareholder loans are included come to GBP 345 mln, with the Royal Bank of Scotland, Lloyds and Anglo Irish Bank being among the main lenders to the company.The news that such a major developer and well-known name as Parkridge has finally gone under has been greeted with some shock in real estate circles, a