Profit at the controversial Teesworks project have tripled after private sector companies were handed ownership of much of the scheme.
The latest accounts for Teesworks Ltd, the public-private initiative to redevelop the 2,500-acre former steelworks in north-east England, show that net profit rose to £54m in the 12 months to March 2023 after an “exceptional” financial year.
Teesworks was set up in 2020 on a 50:50 split between a public body overseen by Tees Valley’s Tory mayor Ben Houchen and companies controlled by local developers Chris Musgrave and Martin Corney.
The transfer of a further 40% of the company into private ownership in November 2021, for a zero-cash consideration, is subject to a government inquiry over value for public money.
