Council’s £68m write-off as Brick by Brick goes into liquidation

The housing company that borrowed £200m but never made a penny profit is finally to be closed down after a six-year winding-up process.
By STEVEN DOWNES

Brick by Brick, the council-owned housing company that bankrupted the borough, has gone into voluntary liquidation.

Official notices appeared on the Companies House website yesterday, less than a month after the publication of Brick by Brick’s accounts for the financial year 2024-2025 were submitted.

Croydon Council, the company’s only shareholder, is left with

£68million

of debt to write-off, from the £200million which was loaned to its company between 2015 and 2020.

Over its 11-year existence, Brick by Brick never made a penny profit.