The Walton Group has revealed details of its settlement with English Partnerships over a £4m grant for the redevelopment of Liverpool’s Exchange Flags building.
Under the terms of the out-of-court settlement, Walton will pay back the original grant in the spring, minus interest, plus EP’s costs – a total of around £5m.
A Walton spokesman said that the grant was always repayable when the building was fully let and that the only dispute was whether the money was repayable earlier.
Walton Group spokesman said: “We are delighted to be able to announce this deal, which will save everybody money in the long run.
“This dispute has held up development of a fantastic site in Liverpool for far too long. Deals are already on the table for some exciting developments on the site, so watch this space.”
EGi News 12/11/02
