British architectural firm Sidell Gibson has ceased trading, due in part to delays to the Medina Tower project in Tripoli.
According to a report from Building Design, founder Ron Sidell called in business advisers Baker Tilly Restructuring and Recovery last week after the business was hit by severe cashflow problems caused by delays to a number of projects in the UK and Libya.
The 40-storey, luxury Tripoli seafront building (pictured), which stalled during the war, has not re-started because of problems with the contractor.
“That caused the programme to stretch out which had an impact on cash flow. That didn’t help,” a source close to the practice admitted.
It is understood that the firm has been approached by a number of architects interested in trying to rescue the 40-year-old practice from liquidation.
(Source: Building Design)