Elliot Group hopes to hand over stalled towers to new developer

Grant Prior 4 years ago
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Elliot Group is hoping to hand over three stalled residential towers to a new developer to avoid the schemes going into administration.

Construction was suspended on the group’s £70m The Residence tower in Salford last week  where Carey is building the concrete frame.

Main contractor Vermont also suspended work last month on two projects – Aura and Infinity – it was building for Elliot Group in Liverpool .

The projects have been hit by the fall-out from the arrest late last year of Elliot Lawless, founder of Elliot Group, along with a senior official at Liverpool City Council as part of a fraud investigation.

Both men were released on conditional bail and neither have been charged.

Commenting on the Residence scheme an Elliot Group spokesman said: “Elliot Lawless has committed to inject the funds necessary to complete the superstructure with PJ Carey.

“The on-going police investigation means there is no likelihood of raising further development finance until the investigation is complete and Mr Lawless is exonerated, as he expects to be.

“His only option is to inject short-term funding to keep the project afloat whilst responsibility for completing the scheme is mandated to another developer.

“The terms of the funding are close to being concluded and discussions are underway with a developer who is keen to step in.

“Once this is agreed Elliot Group will host an investor conference to seek investors’ approval for the appointment of a third party developer.

“We are confident that they will back this option but if not, the professional advice we are receiving is to put the scheme into administration.

“This same approach and scenario holds for our Aura and Infinity schemes in Liverpool.

“The key is to ensure that the schemes remain viable and can be delivered.  They’re great projects that will transform their immediate environs and deliver the returns we’ve previously been able to provide to our investors.

“Elliot Group has a 100 per cent track record of delivery and so its focus right now is on ensuring that these three schemes can be completed.”

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