Grafton Group says the proposed sale of its Orchard Wharf site in London's Docklands has fallen through.
Grafton had been expected to make a profit of nearly 16 million euros from the sale, but today announced that Big Orchard had failed to complete the purchase of the site.
The site had been owned by British Dredging, which Grafton acquired in 1998.
Big Orchard has forfeited a 1.2 million euro deposit, and Grafton now says it is examining ways of releasing the site's value.
