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Pontypridd developers go into receivership - precinct plans shelved

2012 Medi 26 1:10 PM

After months of speculation and rumour the Pontypridd Observer reports today that Taff Vale, the company behind the development of the new precinct project in Pontypridd have gone into receivership.

This comes just two months after Owen Smith MP told residents and business people at a public meeting in the town that he had received assurances that all was well and the project would begin in October. Prior to that there had been all manner of stories doing the rounds about whether or not it would go ahead.

The project has been scaled down considerably since its initial inception and had only announced three tenants - one of which was an existing town business looking to relocate.

The news leaves us with several questions which need to be answered. Obviously there is the question of what happens to the site now. It cannot be left as it is, it is an eyesore. Also how much if any of the promised £6million of public funding has been paid out.? We will be asking questions of WEFO on that issue. And what checks and balances are being put in place to ensure investment is spent wisely?

This will be yet another bitter blow to the businesses in Pontypridd.