Another company is to be added to Spain’s real estate market’s obituary this week. The Spanish branch of the global property consultant, King Sturge, has made the announcement that they will be filing for administration this week. The company currently employs over 100 members of staff across their six offices in Spain.
The consultancy takes great pride in that they believe to have “long-term leadership in the Industrial Agency and Development field”. The company specialises in all aspects of development, investment, and project management consultancy, both residential and industrial. This however being no match for the effect the collapse of the property market has had in Spain.
Management were quick to dismiss any speculation regarding the financial status of the group as an entirety. A report based on a statement made by a spokesman for the group said, "No, there aren''t [any group financing problems], contrary to what has been reported."
He went on to add, "There have been reports in the Spanish press of difficulties in other countries but that is completely unfounded ... the Spanish market has been worst affected and the first affected by the troubles the market is seeing."
The chairman of King Sturge LLP, stated, "This is an extremely unfortunate outcome." He added, "We have explored every possible avenue to keep the operation going but unfortunately Concurso de Acreedores was the only realistic option left to the directors."
The latter most likely offers little comfort for those who are now looking at redundancy and becoming another statistic within Spain’s climbing unemployment rate.