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Public spending cuts force ?Archial into administration
BRITISH architectural firm Archial Group called in the administrators yesterday after the taxman rejected a payments deal and in the wake of a slowdown in business due to government spending cuts in the UK.
The administrators from PricewaterhouseCoopers would now seek a rapid sale of Archial as a going concern, said the company in a statement.
Archial warned in August that its profits for 2010 would be lower as reduced government spending caused projects to be cancelled or delayed.
Britain’s coalition government has said it will slash spending over the next four years in a bid to drive down its deficit. The cuts claimed a high-profile victim earlier in September when social housing maintenance provider Connaught collapsed.