A new contractor has been found to continue work on a luxury £50 million waterside flats scheme following the collapse of the NMCN group.
Huthwaite based contractor NMCN Plc had been working on the scheme along with other high profile projects when it called in the administrators earlier this week.
Now the developer of Trent Bridge Quays – a luxury development of apartments and townhouses on the river Trent in Nottingham – has brought in Leicester registered Bode Contracting Ltd to carry out the rest of the work.
Aftercare specialist Assure Homes has also been appointed by Trent Bridge Quays Ltd to ensure customer satisfaction with any post-completion matters.
James Costello, development director of Elevate Property Group, parent company of Trent Bridge Quays Ltd, said: “We have worked with Bode Contracting on a number of our sites and we have every confidence in them completing our development as swiftly as possible.
“We will now be able to proceed at a far quicker pace than had been possible with NMCN Plc as progress had been at a snail’s pace since the announcement of their financial difficulties around 12 months ago, NMCN Plc finally entered into administration earlier this week.”
He said completion of the 95 properties was now scheduled for the first quarter of 2022 and said that work would now begin in parallel on Phase 2 – the construction of another 58 apartments and townhouses on the neighbouring former Muller Yard.
The gross value of both schemes will be £50 million.
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In a statement Mr Costello said NMCN Plc had no connection with Trent Bridge Quays Ltd or Bode Contracting Ltd and the building contract had now been terminated.
Elevate Property Group said 60 per cent of the first 95 townhouses and apartments within the scheme had been sold or reserved.
NMCN was also in the process of building a 522 student bedroom complex in Traffic Street which is estimated to be worth £35 million.
It was also working on a controversial major roadwork scheme around Liverpool Lime Street station – a significant gateway into the city.
2019 accounts showed revenues of £404.6 million (up almost 19 per cent year-on-year) and pre-tax profits of £7.4 million (up a quarter).
But Grant Thornton were appointed as administrators this week as NMCN Plc failed to sign off its 2020 accounts or re-finance the business.