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King Sturge Espana to file for administration
Country: Spain
17 December 2008
King Sturge España, the Spanish arm of the international property group King Sturge, is to file for administration as a consequence of the Spanish housing slump and global economic downturn.
The company follows a host of high-profile firms into administration, in light of the turbulent times facing the Spanish property market.
Despite expanding its operations across the country earlier this year, King Sturge España has been forced to make a number of job cuts in recent months, and the firm’s financial situation is now so severe, that the company has had no alternative but to call in the administrators.
A spokesperson for King Sturge España said: “The company will file for administration, I guess this week, to look for a viability plan for the company. It's very difficult to get financing right now.”
The number of people currently working for King Sturge España has halved to around 120 employees.
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