FRIAR'S WALK: Other Modus projects troubled

First published in News by

Friars Walk was not the only troubled Modus Corovest scheme.

Some, like the one in Newport, has not even started while a centre in Wakefield remains half built after the company went into administration in March.

Modus and Corovest, part of Jersey-based company Ciref, were partners in a number of shopping schemes around the UK.

As late as last Friday, Mike Watters - the chief executive officer of Corovest - contacted the Argus to say they were still committed to Friars Walk but he was unable to give a date for work starting on the scheme. He said they were "working towards a date".

Corovest, part of Jersey-based company Ciref, were partners in the scheme with Modus which in December said it was selling its 50 per cent stake but the company remained in an advisory capacity.

Parent group Modus Ventures went into administration last week and a statement was subsequently issued on Friday through the London stock exchange about Ciref's major retail projects.

It said the company was in discussions with Newport city council with the intention of "raising an element of public sector funding" for the project.

But the writing was already on the wall for the scheme.

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