The organisation will shut in September with the loss of 34 jobs after the Homes and Communities Agency, Hull Council and Yorkshire Forward pulled their funding.

Hull Forward chairman Ian McIntosh said regeneration projects such as St Stephen’s shopping centre and Humber Quays would not have happened without the work of Hull Forward.

Chief executive John Holmes said his priority now was to ensure some of the group’s major projects continue beyond September.

They include a new £7m footbridge across the River Hull being built by specialist Qualter Hall

The regional development company was set up in April 2008.

In a statement, the company said: “Yorkshire Forward and the Homes and Communities Agency (HCA) have reluctantly confirmed that there will be no funding towards the running of Hull Forward beyond 30 September following significant public sector funding cuts across the country.

“Hull City Council has indicated that a similar position is likely. This means that without funding, the company will be obliged to cease operations at this time with a full closure expected by the end of the calendar year.”

Hull Forward said it had entered into a consultation period with its 34 employees and would “explore every opportunity to help the staff facing redundancy”.

McIntosh said he hoped some of Hull Forward’s planned projects could continue with funding from Hull City Council, regional development agency Yorkshire Forward or the HCA.