Firm set up by Berkeley founder's son falls victim to Icelandic bank collapse
The son of Berkeley Group founder Tony Pidgley has put his housebuilding firm, Cadenza, into liquidation.
The firm, which was set up by Tony Pidgley Jr in 2001 after he left the Berkeley board, went into voluntary liquidation four days ago.
Pidgley Jr told the Times newspaper that the company had come unstuck after Heritable Bank, a UK subsidiary of Icelandic bank Landsbanki, went into receivership last year, leaving two Cadenza developments without funding.
He said: “We were in a very difficult situation where our bank was unable to fulfill its funding commitments. The bank's administrators ripped up our agreements. I tried to refinance with a number of other banks, but you just can't refinance.
“The real issue is that the bank is in administration and the failure of the bank is unprecedented.”
Valentine & Co has been appointed as liquidator of the firm.