Wates was selected for the Living Systems building on the university’s Streatham Campus in March 2013.
BAM Construct is understood to be next in line for the job.
Wates said that it had “failed to find a way to deliver the university’s requirements within the allocated budget, therefore the university and the contractor have reached a mutual decision not to continue with the project”.
Hugh McCann, director of estate development at the university, told the Exeter Express & Echo: “We have done all we can to work in partnership with Wates and, despite the fact we’ve been unable to reach an agreement this time, we are parting on very good terms.”
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