Page last updated at 14:37 GMT, Friday, 12 September 2008 15:37 UK

Staff at Urban Splash face cuts

Chimney Pot Park, Salford
Chimney Pot Park was created from rundown terraced houses

Manchester-based property development firm Urban Splash has begun a redundancy programme following "disappointing" sales.

The company, which specialises in converting former industrial buildings, employs 280 people but has not said how many are facing redundancy.

It has blamed deterioration in the UK economy for the decision.

Urban Splash developed the Midland Hotel in Morecambe, Chimney Pot Park in Salford and Lakeshore in Bristol.

A spokeswoman for the firm said: "In spite of a buoyant year-end, sales in the first and second quarter continue to disappoint.

"The company's substantial mixed commercial and residential investment portfolio remains resilient.

"The changes are especially regrettable given the loyal, hardworking 'family' of long serving staff.

"The company has held off job cuts as long as possible however it is not alone in facing challenges as a result of wider economic circumstance."

Urban Splash's other projects include Tribeca in Liverpool, Mills Bakery in Plymouth and Birmingham's Rotunda.

The firm was set up 1993 and initially focused on converting former factories in Manchester and Liverpool.

Its website says it currently has 130m of projects under construction.

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