• 05:00, 6 JUN 2024

Work on a controversial harbourside housing development which stopped in its tracks when the company behind the scheme dramatically went bust is to start up again. At the end of January work stopped on the controversial North Quay Regeneration housing scheme in Hayle after all companies involved went bust, leaving more than £135 million in debts.

The 100-acre site was padlocked and London-based administrators Moorfields Advisory were appointed to sort out the mess. At the time Moorfields said that the two residential buildings in phase 1 were complete and all units in these buildings had sold. However the collapse of the project has left future phases of the construction project on hold.

The specialist recovery firm was appointed administrators of Sennybridge (Hayle Limited; Corinthian Plant Limited; Corinthian Pencoed Limited; Corinthian Land Limited and Corinthian Access Limited. Other companies involved in the scheme including including Hayle Harbour Authority Operations Limited are managed by other administrators as a total of eight firms went bust - all run by Simon Wright.

The site, situated within the Cornwall and West Devon Mining Landscape World Heritage Site, holds planning permission for residential homes, retail, business, and leisure spaces. Moorfields has now announced that work to complete the ongoing phase of the project is expected to start soon after it appointed a new construction company to take it on.

The administrators also said that a property management agency has been appointed to manage the completed blocks and estate while it is also "working closely with the harbourmaster and his team to ensure the harbour runs effectively".

At the beginning of the year when the project run by Mr Wright, and his wife Rebecca collapsed, many local residents and businesses in Hayle worried not only that the site could remain an unfinished eyesore for years but also that they could be out of pocket if the administrators were not able to sell up any assets after the largest secured creditors had first been repaid.

Arron Kendall, administrator and partner at Moorfields Advisory, wanted to reassured the community that progress is now being made on site so the locals' fears are allayed.

He said that Moorfields has assembled an "experienced development and consultant team to swiftly address the challenges posed and deliver the scheme". He added: "A new contractor has been appointed to complete the construction of Block Y1, known as Copper House. The contractor is already on site, and it is anticipated the homes will be launched for sale in September 2024.