King Sturge has put the Spanish arm of its business into liquidation.
It has applied to the courts to place King Sturge Espana into liquidation. The subsidiary went into administration in December 2008.
King Sturge joint senior partner Richard Batten said: ‘It is extremely disappointing to be withdrawing from Spain.
‘We placed the business into administration with the intention of being able to trade out but unfortunately the Spanish property market shows no sign of recovery and costs continue to exceed income.
‘We will try to ensure that the impact of this decision is softened for our staff.’
King Sturge first opened in Spain with an office in Barcelona 17 years ago. Before the credit crunch, it employed 185 staff which was cut to 105 by the time the administration process began.
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