The developers behind a major housing development in Corby have said it is ‘business as usual’ despite calling in the administrators.
David Soden and Phil Bowers of Deloitte have been appointed as joint administrators over the developers of Priors Hall Park.
The companies in administration are the landowners and developers of Priors Hall Park, a 1,000 acre site in Corby.
The estate management company, Priors Hall Park Management Limited, continues to operate as normal and is unaffected by the administration.
It says residents will continue to benefit from the estate services.
The site is split into three residential phases and has outline planning permission for more than 5,000 new homes, with supporting community facilities, all set within lakes, open parkland and forests.
More than 1,000 people have already moved into Priors Hall Park, with about 600 homes delivered to date.
A further 1,000 homes are due to be delivered by national housebuilders, including Barratt Homes, David Wilson Homes, Taylor Wimpey and Francis Jackson Homes, in the next two to three years.
Priors Hall Primary School for 420 children opened at Priors Hall Park in September, and is adjacent to the Sir Norman Foster designed Corby Business Academy, which opened in 2008.
A spokesman for Priors Hall Park said: “The appointment of administrators is purely a restructuring of the site operations and it’s very much ‘business as usual’ at Priors Hall Park.
“The focus is now on opening the community centre and progressing designs for the new village retail centre, with local shops and amenities.
“We are working closely with the administrators to seek a new investor who can continue to deliver the vision.”
Following the administration announcement, Corby Council leader Tom Beattie said: “It is very welcome news that progress will continue at Priors Hall despite the developers being placed in administration.
“While news of the administration is of course disappointing, the council will work hard with all parties involved to ensure further progress on site and ultimately the successful completion of the development.
“Priors Hall remains an important part of the borough’s regeneration and growth, and we are confident about its future.”
Cllr Rob McKellar, speaking as ward councillor for Priors Hall and leader of the Conservative group on Corby Council, said: “The number one priority absolutely must be protecting the interests of residents at Priors Hall Park.
“I would encourage people living at Priors Hall to engage openly with the administrators and to stay informed.
“It is good news that development will continue at the site, however we will also be keeping a careful eye on matters as they proceed to ensure that promises made to residents are kept either by BeLa or buy any successor.”