Work on Birmingham Cube development to continue despite firmΓÇÖs administration
The firms behind Birmingham’s iconic Cube development have gone into administration, but work will continue on the site after a last-ditch attempt to find funding proved successful.
The Cube project is set to bring office space to central Birmingham, along with shops, restaurants and a hotel next to the Mailbox. There are just four months of construction left, but this looked doubtful after Birmingham Development Company (BDC) and BuildAbility, the companies behind the scheme, recently announced that they had gone into administration.
The move came after the two companies failed to reach a financial agreement with Lloyds Banking Group, and following legal advice the administrators were called in. However, it is now said to be “business as usual” after funding was secured from a bank to complete the work.
The directors of BDC and BuildAbility said in a joint statement:
“We are bitterly disappointed that we have been unable to reach agreement with Lloyds Bank to enable the development of The Cube to be funded to completion, particularly when the project is so close to completion.”
The statement continued: “It is a sad day for The Cube, an ambitious project for Birmingham, into which we have put five years of our lives, but like many development projects across the UK, it has succumbed to the pressures of the global economic downturn, which followed the credit crunch.”
The Highways Agency is reportedly planning to occupy the Cube’s main office, while D&D London are set to open a panoramic rooftop restaurant.