Page last updated at 17:51 GMT, Friday, 26 March 2010

Birmingham's Cube builder goes into administration

The Cube
Work has stopped on The Cube, which is close to completion

The building firm behind the construction of one of Birmingham's canal-side projects has gone into administration.

BuildAbility, the company developing The Cube, close to the Mailbox, said it had been unable to reach agreement with a bank over funding.

Pricewaterhouse Coopers, which has been appointed as administrators, said it was holding talks with stakeholders.

Work has stopped on the site which was marketed as a "futuristic" development.

The directors of BuildAbility said it was disappointed it had not been able to reach an agreement with the bank for The Cube to be funded to completion.

"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," a statement said.

Pricewaterhouse Coopers said it did not intend to market the development in its current state.

The Cube had been marketed as having apartments, offices, a hotel, shops, cafe bars and a rooftop restaurant.

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