'Old Tesco' developers go bust

2.37.00pm BST (GMT +0100) Wed 11th Jun 2008

West Wiltshire Council understands that Thyian Investment Ltd, owners of St Stephen's Place and Castle Place in Trowbridge, have been taken into receivership.

Graham Payne, leader of West Wiltshire Council, said: "We have become increasingly frustrated at the lack of plans put forward by Thyian outlining how they intend to develop this site. This is despite our best efforts to get them to bring forward a scheme.

"We have recently agreed to proceed with a Compulsory Purchase Order on these sites. This is not a move that we took lightly, although we felt it was the only way to push things on. We will now be looking for another developer with the real intentions of getting development on site as soon as possible."

Ian Gallin, acting chief executive, has confirmed that West Wiltshire Council has secured an early meeting with the agent acting on the receivership. He said: "We will be looking to work constructively and positively to ensure potential new owners are able to bring forward an effective set of proposals for the regeneration of this site that will be of benefit to Trowbridge.

"Council officers will impress upon the agents the need quickly to remove the pile of rubble known locally as Mount Crushmore. We will also be looking at the possibility of retaining the car park for some use during the process."

Michael Mounde, economic development and planning portfolio holder, said: "The Transforming Trowbridge project has had some positive developments recently which will allow work to start soon.

"I am hopeful that this news will allow us to proceed firstly with removing the eyesore that has blighted the town for too long, and secondly will bring in new owners who will look to get involved in the regeneration process."