As a consequence of the increasingly difficult economic climate, Crest Nicholson has withdrawn from the development of the Erith Western Gateway regeneration scheme.

In doing so, Chris Tinker, Group Board Director and Regeneration Chairman, expressed his regret and huge disappointment at having to take this difficult decision, noting the Council and its public sector partners had worked hard in what he described as "extraordinarily turbulent times".

In response, Cllr Teresa O'Neill, Leader of the London Borough of Bexley, said: "We are all clearly disappointed at this decision which we know was not taken lightly. In the current economic climate a lot of businesses are reviewing their priorities and we understand that many developers will need to focus on schemes already underway. That said, a lot of work has gone into getting us this far and I am delighted that the Homes and Communities Agency (HCA) is keen to continue to work with us in partnership on the regeneration of Erith."

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Philip Dibsdale, Area Director south London Gateway, Homes and Communities Agency, said: "We are disappointed Crest Nicholson has had to withdraw from its involvement in Erith but can confirm that we remain fully committed to the regeneration of the Erith Western Gateway. The HCA is working closely with Bexley Council to enable the redevelopment of this area to begin as soon as possible."

Over the coming weeks, the Council and its partners will continue those discussions directly and develop a revised programme to bring forward a first phase of development for the Erith Western Gateway.

(CD/JM)