The Spanish arm of UK property services firm King Sturge is to file for administration due to the crisis in the financial markets and the slowdown in the Spanish property sector, Spanish paper La Gaceta de los Negocios reported on Monday. The broker has a staff of around 100 in Spain and had a turnover last year of around EUR 18 mln.
The Spanish arm of UK property services firm King Sturge is to file for administration due to the crisis in the financial markets and the slowdown in the Spanish property sector, Spanish paper La Gaceta de los Negocios reported on Monday. The broker has a staff of around 100 in Spain and had a turnover last year of around EUR 18 mln.
According to the paper, ongoing negotiations with banks Cajamar and Banesto for a refinancing of its EUR 3 mln in debt fell through last Friday. Managing Director Sergio Martinez, who owns 25% of the Spanish company, has left the firm. King Sturge was not directly available for comment on Monday
