King Sturge puts Spanish arm into liquidation

Giant UK commercial developer, King Sturge has put the Spanish arm of its business into liquidation.

The company placed the subsidiary in administration in December last year and intended to trade out the recession whilst cutting costs and operating a scaled-back business.

A spokesman from King Sturge Espana said the company had decided to exit Spain as the “Spanish property market shows no sign of recovery and costs continue to exceed income”.

King Sturge first opened in Spain with an office in Barcelona 17 years ago. At the peak of the boom it employed 185 staff.

The announcement follows shortly after Nozar and Masa International , two large residential developers announced they were seeking creditor protection.

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