Persimmon has struck a deal with the administrators to complete the development as originally intended.

The Sherwood Oaks site, located outside Mansfield, has planning permission for 313 new homes.

However, only 30 were built by the time the developer ran into difficulty.  According to companies house, administrators were appointed in October 2023.

In addition to completing these properties, Persimmon will provide £2m in funding towards local infrastructure and public services.

Gareth Hankin, managing director for Persimmon Nottingham said: “We’re pleased to be able to step in and help deliver much-needed new homes in Nottinghamshire.

“Local residents are rightly keen to see work recommence as soon as possible to bring the development back to life and to benefit from the new community facilities.”

The site was first acquired in 2018 with funding from West One Loan Ltd.

Initial funding was repaid in December 2023 as a result of refinancing with OakNorth and mezzanine funding from Rubicon Capital.

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Sherwood Oaks was revealed to be in “obvious financial difficulties” in the final judgement of a civil case between the administrators and the directors of Sherwood.

At the time the company fell into administration this involved over £645,000 being owed to Henry Boot Construction that was “significantly overdue”.  Rubicon was also claiming payment of £6,629,100.

On the same day the company fell into administration, OakNorth had served notice on the companies to repay their loans.

This civil action was in relation to a small strip of land next to the site purchased for £156,000 which hosted a bus stop. The purchase of this land - and the significance of its location - arose as a subject of acrimony.

This land, deemed by the administrators as “vital to the development as it is situated where the access road to the development joins the main road”.

This purchase was completed in 2023, however the administrators pursued legal proceedings against the directors of Sherwood as the ‘Bus Stop Land’ was registered in their name and not that of the company, or Sherwood Oak Holdings (another company linked to the development).

This was soon referred to as the “ransom strip of land”. Judgement was passed in favour of the administrators, with the order made to transfer this.