The Town Centre developers, Thornfield Properties, are now in administration. This is as a result of Lloyds Banking Group placing the formerly backed Halifax Bank of Scotland company into administration with Deloitte. The subsidiary companies continue to operate and the Thornfield Group of Companies is now controlled by Deloitte.
Thornfield Properties were selected, following a thorough procurement process in 2004, as the developers for the Better Mid Sussex Partnership looking to regenerate the three Mid Sussex Towns of Burgess Hill, East Grinstead and Haywards Heath.
Thornfield Properties was a joint venture and chosen to transform the District's town centres. During the early years of the partnership, lots of consultation was undertaken to develop vision for the District for master plans for the towns. The community supported improving shopping in town centres to encourage economic development and to promote the characters of the individual towns.
"The developers had been asked to bring forward schemes and good progress has been made in both Burgess Hill and East Grinstead. As everybody knows, over the last 18 months the economy has weakened and this has undoubtedly had an impact on the finances. Lloyds Bank publicly announced that they did not want the scale of property interests of the Halifax Bank of Scotland," said Councillor Wall, Leader of Mid Sussex District Council.
"For many months councillors have expressed a great deal of concern about the direction of travel of Lloyds Bank and Thornfield Properties. We have vigorously challenged Thornfield Properties for information on their finances, but little was forthcoming. Now, with the Thornfield Properties holding company in administration, a review will take place over the coming weeks and this will include the developments across Mid Sussex.
"Our residents need to be reassured that there is no cost to the Council; all the cost and associated risk sits with the developers. Mid Sussex District Council recognises the importance of a buoyant economy and it is vital they know the Council still wishes to see investment in the District. The master plans that we have all been working hard on will remain in place and can still be used to guide new investment in our towns."
ENDS
PR1182/JJ/JC
8 January 2010
