Controversial Croydon developer Brick by Brick will not fully close until 2024
By Tara O’Connor, Local Democracy Reporter
Croydon council’s controversial development company will not be fully shut down until 2024.
The company, which the authority loaned £200m, is currently completing its final developments in the borough.
It was set up in 2016 to build affordable homes in Croydon, but has since been partly blamed for the financial collapse of the council.
The authority’s independent auditors said the loans to the company contributed to it having to declare bankruptcy in November 2020.
In July 2021, in the wake of the authority’s first bankruptcy notice, the decision was made to close down the company and only continue with developments that were already under construction.
After new directors were brought on board in January 22, it was originally announced this would be in the summer of 2023.
Cabinet member for finance, Councillor Jason Cummings, explained why some members of staff will stay on board until early 2024.
Cllr Cummings said: “There are a number of stages to this, we are very much getting to the end of the sale of developments and there is no building going on now.
“There is a reasonably extended part where we have to have some staff.
“We have responsibilities to the builds. Brick by Brick won’t be operating as a company, but there will still be a couple of staff doing that tying up process.”
The final two developments by the controversial company are Kindred House in the town centre and Lion Green Road in Coulsdon.
In November 2022 the council said the company was in conversations with companies looking to “bulk buy”.
This week it revealed the company was weeks away from completing the sale of Kindred House, a 25-storey block of 128 flats.
A council spokeswoman said: “The council is focused on ensuring that Brick by Brick continues to deliver on their remaining sites currently under construction, and we look forward to seeing much-needed affordable homes in the borough.
“The company will be wound down once construction on these sites has been completed, and this is anticipated to be early next year.”
Pictured top: Croydon town hall in Katharine Street (Picture: Tara O’Connor)
Everyone at the South London Press thanks you for your continued support.
Former Housing Secretary Robert Jenrick has encouraged everyone in the country who can afford to do so to buy a newspaper, and told the Downing Street press briefing:
“A FREE COUNTRY NEEDS A FREE PRESS, AND THE NEWSPAPERS OF OUR COUNTRY ARE UNDER SIGNIFICANT FINANCIAL PRESSURE”
If you can afford to do so, we would be so grateful if you can make a donation which will allow us to continue to bring stories to you, both in print and online. Or please make cheques payable to “MSI Media Limited” and send by post to South London Press, Unit 112, 160 Bromley Road, Catford, London SE6 2NZ
