Vermont is in talks with Elliot Group to take over three schemes across Manchester and Liverpool which have stalled amid a police probe into the company.
Elliot Group announced that the firm was in discussions with an “unnamed developer” on Thursday last week to take on three schemes: Aura, Infinity, and The Residence.
EG understands Vermont is the developer in question poised to take on the projects which have stalled following the arrest of the company’s founder, Elliot Lawless, in December last year.
If Vermont decides not to take on the projects, or investors do not approve the appointment, the schemes will have to be put into administration.
A spokesperson for Elliot Group declined to comment.
Lawless was arrested by Merseyside Police on 18 December last year on suspicion of conspiracy to defraud, bribery and corruption, the investigation for which is still ongoing.
In January this year, police seized £200,000 from Lawless following a raid on his property.
Elliot Group has 20 developments across Liverpool, Newcastle, Leeds and Manchester, with a £1bn gross development pipeline.
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