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Thornfield Ventures leaves projects in limbo

The futures of more than a dozen construction projects around the country have been left up in the air after developer Thornfield Ventures collapsed last week.

Administrator Deloitte confirmed that the firm had four “well-advanced” schemes - including the high-profile Rock
shopping centre in Bury, Lancashire - as well as at least 10 in the pipeline.

Hammerson has been appointed to take on management responsibilities for the more established schemes, and to assess the viability of the others.

The Bury scheme, described by Deloitte as the group’s principal development asset, is under construction by Laing O’Rourke.

Thornfield Ventures was also leading the £180 million Holmeside Triangle regeneration project in Sunderland, and the redevelopment of London’s Smithfield Market.

Phil Bowers and Angus Martin of Deloitte are handling the administration of the firm, a non-trading holding company
within the Thornfield Group.

Mr Bowers said: “We are working closely with all stakeholders to support the completion of Bury
and maximise the potential of the other development schemes.”

He added: “Hammerson will also be supporting the joint administrators in evaluating the other schemes in the portfolio.”

Deloitte reiterated it had not been appointed for the Thornfield Bury companies or any Thornfield Group firm other than Ventures.