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Liverpool Scheme Faces Uncertain Future

Posted by Richard Ward in ,

Image courtesy of Flickr, Creative Commons

The developer at the centre of a police investigation has promised to provide an update on its stalled schemes later this week.

The Manchester-based contractor Vermont has ceased work whilst a probe is launched into the founder of Elliot Group.

The group's Infinity and Aura schemes were suspended at the start of the year, after the project's preferred debt funder pulled out once police began an investigation into the developer's founder Elliot Lawless.

The withdrawal prompted Lawless to write letters to investors warning them he would give the projects four weeks to raise the funds needed to keep the projects going.

Commenting on the situation a spokesperson for Vermont, said: "Talks are progressing with funders for both projects and an extension has been agreed with Elliot Group to allow sufficient time to resolve the current issues."

Vermont stopped work on the two sites while the police investigation is carried out.

Meanwhile, a spokesperson for Lawless said Elliot Group would provide an update on fundraising efforts this Friday.