Manchester’s High Court has rubber-stamped a deal for investors to take over the £100m Aura scheme in Liverpool.
An agreement was reached in June for Elliot Group to hand the site back to investors, and this has now been given the nod.
Vermont will now complete the 1,007-home scheme on behalf of investors after work stalled in January and the scheme was put into administration in March.
Work is due to restart on site this month for completion in September 2021
Vermont chief executive Mark Connor said: “This has been a complex process, but as far back as January 2020 we provided reassurance to the investors that we would work with them to ensure the scheme was completed. The agreement reached now confirms that we will be able to do exactly that.”
The scheme was placed into administration in March this year along with two other Elliot Group projects: Infinity and The Residence.
Original developer of the site, Elliot Group, filed to secure additional funding for the schemes amid a police probe into the company’s founder, Elliot Lawless.
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