The developer behind the Abacus Building apartment block in Digbeth, Birmingham, has fallen into administration.
Old House Holdings, the parent company of Concept Development Solutions which built the scheme, has called in administrator BDO Stoy Hayward.
Business restructuring partners Jo Wright and Kim Rayment were appointed joint administrators of Concept Development Solutions and joint administrative receivers of Old House Holdings earlier this month.
Thirty one of Concept’s 33-strong workforce have been made redundant as well as all of Old House Holdings’ 18 staff.
Concept Development Solutions owns four brownfield sites and also has construction projects on four development sites around the West Midlands.
Old House Holdings is the parent company of Ashurst Construction which was building the new £15m Digbeth Coach Station until it was forced to cease trading last month due to crippling debts.
BDO’s Jo Wright, said: “It is unfortunate that due to very tough conditions in the construction market we have had to make a number of redundancies.
“We are reviewing all the options available to Concept Development Solutions with an intention to sell the sites, as well as liaising with customers and interested parties in relation to the live construction projects.”
