A housebuilder who has been working on a housing scheme for over a decade is set to fall into administration.
According to documents seen by TheBusinessDesk.com, JME Developments, the Corby-based firm which has been building a new housing estate at Little Stanion, will call in administrators after its hands was forced by financing company Alternative Bridging Corporation.
JME Developments had been locked in a battle with North Northamptonshire Council over the final phase of the scheme, which would have seen a further 99 houses and a village hall built.
In October of last year, the council deferred a decision on the last phase of the scheme over whether or not to allow JME to waive a £2m payment. The developer wanted to alter his planning application to remove any mention of it paying £11,000 for every house at Little Stanion’s final phase which was sold back into the public purse.
JME also requested that the planning application drop the “Little Stanion up-lift sum” which would’ve contributed some 34% of additional house sale profits back into the community to fund the costs of a primary school.
At the time, JME said it was looking to finish the site in 2028 – nearly a decade later than originally planned.
In December, North Northamptonshire Council waived the £2m payment to allow the final phase to be built. However, the future of the site now remains unclear.
JME has been trading since 1972, according to its website.
