Sixth largest UK architect goes into administration
PricewaterhouseCoopers have been appointed administrators for the stricken firm, which suspended their shares last Friday.
Archial is the sixth largest practice in the UK by number of architects, and recorded a turnover in 2009 of £33.4m, down from £42.6m in 2008.
The firm employs 400 staff including 200 architects.
On August 26 Archial issued a profit warning to the City, blaming continued tough economic conditions and a slowdown in Government spending. It also announced it was in talks with HMRC over unpaid taxes, and was in negotiation with banks to finance the bill.
No comments yet