A spokesperson said: "Contracts have now been signed to formalise the decision by Plymouth Community Homes Regeneration Ltd (PCHR), a subsidiary of Plymouth Community Homes (PCH)and its JV partner Halsall Homes Ltd, to sell their interests in the project in order to enable the development at Silver Hill in Tamerton Foliot, Plymouth to complete.
"The Board of PCH took a decision last year to sell PCHR's interests in the joint venture following news that Halsall Construction, which was commissioned to carry out construction works on the site, had gone into administration in May 2024, leading to works stopping on site. Both PCH and Halsall Homes, took legal advice to agree on a way forward to enable the development to complete.
"PCH has now received assurances and guarantees which enabled contracts to be signed, and PCHR has been bought out of the joint venture for a nominal fee by Tamerton Silver Hill Ltd, a special purpose vehicle to take forward the development works.
"Tamerton Silver Hill Ltd will now commission a Contractor to complete the development.
"PCH will remain involved as the estate management company and oversee the delivery of 15 affordable homes being delivered by Tamerton Silver Hill Ltd."
