Administrators called in by Norfolk developers

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The future appears to be unclear for a number of major Lynn building projects after administrators were called by a firm of leading developers.

Morston Assets was placed in administration last week after months of attempting to raise funding had failed.

The Holt-based company has been heavily involved in the Nar Ouse Regeneration Area (NORA) project along with a bid to create a leisure and retail complex on land off the Hardwick Industrial Estate.

Leader of West Norfolk Council, Nick Daubney said there will no hold up with council projects.

He said: “We will be in contact with the administrators and will keep a watching brief but there is no impact on council projects or finances.

“They have played a big part in the regeneration of Lynn and I hope with this administration there will be positive way forward.

“What I think will happen is that viable projects will continue whether under different management.”

Rob Croxon, Allan Graham and Blair Nimmo, restructuring partners at KPMG, were appointed joint administrators for Morston Assets on Friday last week.

Mr Croxen said: “Unfortunately after many months attempting to raise finance in order to complete regeneration and development projects, new funds have not been secured.

“The directors felt that there was no other option but to put the business into administration in order to protect current projects and to preserve value for creditors.”

A total of 29 properties in Lynn and across the country are included in the administration.

These include sites in Saddlebow Road, Horsleys Chase, Trunk Road, Morston Point, Willows Business Park and Freebridge Farm.

The company, which specialises in mixed use regeneration and development projects, employs 28 people.

Earlier this year, the company announced plans for its Morston Point development, a retail and leisure park.

The proposal was hoped to include a multi-screen cinema, discount supermarket along with shops, restaurants and a DIY superstore.

Approximately 700 jobs were hoped to be created within the development.

A 26 hectare site, which lies off the A149 behind the Pinguin factory, was earmarked for the development and is included in the administration.

Morston Assets had more than £12 million tied up in NORA scheme, which was aimed to create a new community in South Lynn.

The firm was involved with the overhaul the swathe of land between Wisbech Road, Horsley Fields Industrial Estate and Saddlebow Road. The Puny Drain has been filled in and the old muck works taken apart and the land decontaminated.

The first phase of building work started in 2007 but the economic crisis blew the project off course.

Building work recommeneced on the project only recently. The borough council also has plans to build homes on the site.