Home News Business News
Economic crisis hits city’s rebuilding sector
Sep 16 2008 by Bill Gleeson, Liverpool Daily Post
FEARS were growing last night that the escalating crisis hitting the world’s financial markets was set to deepen the problems being faced by the region’s construction industry.
As shockwaves from the bankruptcy of Wall Street investment bank Lehman Brothers and the rescue of US banking group Merrill Lynch reverberated around the world, iconic Liverpool regeneration specialist Urban Splash emerged as the region’s latest victim of the economic downturn.
The property developer, which made its name regenerating Liverpool and other inner cities, is responsible for key projects in Merseyside which could be delayed because of a shortage of funds.
Its cost-cutting steps, including job cuts, were blamed on the credit crunch and sales slowdown and came as the world’s financial markets suffered major falls following Lehman’s collapse.
Urban Splash is lead contractor for converting the former Littlewoods HQ, on Edge Lane, into apartments and offices and was due to transform Lime Street’s ABC cinema into a New York-style supper club and to deliver the 34-acre Southport Marine Park.
Copyright and Trade Mark Notice © 2009 owned by or licensed to Trinity Mirror North West & North Wales Limited. Liverpool Daily Post™ is a trade mark of Trinity Mirror North West & North Wales Limited. Please read our Terms and Conditions and Privacy Statement before using this site.