Developer collapse halts Bristol scheme

Richard Goodgroome suburbanstudio at
Fri Feb 27 15:44:26 GMT 2009

(just time time for the  : )

Developer collapse halts Bristol scheme, 27 February 2009

Work on the a major regeneration project in Bristol has stopped after
the project developer went into administration.

West Midlands-based Castlemore Securities said it had been forced to go
into administration because of the lack of lending by the banks.

The Temple Quay scheme included three office buildings and 93
apartments, of which 72 would be in a 14-storey tower.

Construction was originally scheduled to be completed in December 2009.

Grant Thornton and PricewaterhouseCoopers have been appointed as
administrators for Castlemore.

Grahame Whateley, founder and chairman of Castlemore, said: We have been
caught in a financial crisis, not of our making, and in the maelstrom
brought about by the meltdown in the property market and paralysis of
the banking sector – we have done everything we could to prevent the
current situation arising, but these factors were totally outside our

Castlemore was also the developer on the project to build a 21,200-seat
stadium for Grimsby Town Football Club – a scheme that included a
mixed-use retail and business facility. Work was scheduled to begin on
site later this year.

Grimsby Town Football Club declined to comment.

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