Brick by Brick sell-off sending out 'Shockwaves'

摘要

News that council-owned housing company Brick by Brick is canvassing for potential buyers in the wake of a financial crisis at Croydon council is likely to send a "shockwave" through the sector, experts have said. Chris Brown, chief executive at regeneration developer igloo, said the troubles afflicting the south London residential developer would see other council-owned development vehicles put under greater scrutiny. His comments follow the revelation that four-year-old developer Brick by Brick is in talks with at least two interested parties about a buyout, should Croydon decide to sell it. Croydon's investment in Brick by Brick, which has so far delivered 283 homes, has been cited by auditors as a contributory factor to its financial problems, with Brick by Brick on course to borrow nearly £250m from the council since its inception.