Page last updated at 17:46 GMT, Tuesday, 10 March 2009

Work stops on city's major scheme

Artist's impression of the new library. Picture courtesy of DLA Architects.
Wakefield Council envisaged a new library at the development

Work on a 200m shopping centre in a West Yorkshire city has been suspended after the developer's bankers refused further finance for the scheme.

On Tuesday morning 185 workers at the Wakefield Trinity Walk shopping development being run by York-based Shepherd Construction stopped work.

In a statement the company said difficulty obtaining cash from their bankers had stalled the scheme.

Wakefield MP Mary Creagh said financing had been an on-going problem.

In a statement Shepherd Construction said they had faced a difficult decision.

Project

It said: "Despite continued and detailed negotiations with the bank, we have regrettably been left with no alternative than to take this line of action.

"For some time, outstanding payments due to us have not been met and the latest promise of payment by the [Anglo-Irish] bank's Head Office in Dublin last week was also not received.

"We will continue to work with them to find a way forward and are very much committed to completing the project in the future."

The Trinity Walk project was due to transform the Marshway area of the city centre.

Work started in September 2007 with major high street stores due to take up units in the development.

Mary Creagh, the Wakefield Labour MP said:" There have been problems financing the project since the Anglo-Irish Bank was nationalised in January this year.

"I have been working closely with Wakefield Council, Yorkshire Forward and and central government to arrive at a funding solution.

"I shall continue to do everything in my power to ensure this flagship city centre development project goes ahead.

Wakefield Council said that, along with the development agency Yorkshire Forward, it had recently identified 7m grant aid for the project.

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SEE ALSO
Work starts on 3.5m city library
11 Oct 08 |  Bradford
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10 Nov 05 |  West Yorkshire

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