Due to the increasing scope of works the scheme was running 15% over-budget when the project funder decided to cease payments to Merepark Construction’s subcontractors and suppliers, despite the project being 85% complete.
Control of the scheme has now changed hands forcing the Merepark Construction to seek advice from Begbies Traynor.
Paul Barber, partner at Begbies Traynor, said: “The directors of Merepark Construction were left with no alternative than to seek advice as to the process of entering into creditors’ voluntary liquidation.
“All 11 of the company’s staff were made redundant with immediate effect and were informed of the decision.”
When finished the central village scheme will comprise 300,000 sq ft of retail and leisure space, 75,000 sq ft of office space and a six-screen Odeon cinema.
