Yard developer faces £48m legal challenge

BUT ‘SATISFACTORY SOLUTION’ IS EXPECTED TO BE FOUND

- By WILLIAM TELFORD

BUT 'SATISFACTORY SOLUTION' IS EXPECTED TO BE FOUND Urban Splash has spent more than two decades restoring Plymouth's Royal William Yard

(JAY STONE ROYAL WILLIAM YARD)

THE company which is continuing to develop Plymouth’s historic Royal William Yard is facing a £48m threat from the Government which could see it go bust.

Manchester-headquartered Urban Splash, which has spent more than 20 years regenerating the Grade I listed yard, is being asked to repay the sum after it used taxpayers’ money to fix cladding issues on seven buildings in its home city.

The previous Tory government insisted that £48.2m be paid back. The issue is due to go before a tribunal in the spring of 2026.

Bosses at Urban Splash are confident a solution can be found. But the company has admitted that a “material uncertainty exists that may cast significant doubt on the group and parent company’s ability to continue as a going concern”.

Recently published accounts for Urban Splash Group Holdings Ltd say that this could result in the business being “unable to realise their assets and discharge their liabilities in the normal course of business’ This would mean it going bust.

However, bosses are disputing the claim and are confident everything will be sorted out.