Regeneration specialist St Modwen is in talks to buy Stoke-on-Trent council’s stake in the partners’ joint venture company Stoke-on-Trent Regeneration Ltd.
The jv company was set up 16 years ago to regenerate former industrial sites across the Staffordshire city. The partners have worked on projects including Festival Park, Festival Heights, Trentham Lakes and the redevelopment of Etruria Valley.
The council owns a 19%, while St Modwen controls 81%.
St Modwen, which has significant landholdings in the city and North Staffordshire, is considering options for the partnership including taking over the operation of Stoke-on-Trent Regeneration.
North Staffordshire regional director Mike Herbert told The Sentinental: “The partnership has always had a finite life and should both sides agree to draw it to a close, we would simply buy out the council’s 19% holding and Stoke-on-Trent Regeneration ould become a wholly-owned subsidiary of St Modwen.”
Council leader Ross Irving said the move may unlock millions of pounds for the authority to use on other projects.
paul.norman@egi.co.uk
