Wilton bought Clugston Estates’ 50% share in Barmston from the administrators of Clugston Limited, who have been winding down the construction company’s affairs since the business failed in December.
Barmston Developments has developed a number of projects across the north of England, including a 426,000 sq ft distribution facility for Vantec Europe, a managed workspace centre for City of Sunderland and a chemical distribution facility for Brenntag in Sunderland.
Current projects include the 70-acre Turbine Business Park in Sunderland and the 26-acre Enterprise 36 Business Park off J36 of the M1, where Barmston is currently on site with three buildings totalling 176,000 sq ft.
Jason Stowe, managing director of Wilton Developments, said: “Buying in the other 50% of our JV was the natural decision to preserve what has been a very successful JV. The projects that we have on-site and in the pipeline are broadly in line with the model of Wilton Developments and we are delighted to be able to continue these through to completion… It is very much business as usual for these projects.”
James Clark of KPMG, joint administrator of Clugston Limited, said: “This sale is a positive outcome for the exciting property development opportunities within Barmston, with the sale to Wilton being a natural home for the shares and representing a good deal for the creditors of Clugston Estates.”