Sheridan Group considering legal position

UTV has the response from the Chief Executive of the Sheridan Group, Peter Holmes, to the decision by the Department for Social Development and Laganside to drop Sheridan Millenium, a company wholly owned by Peter Curistan, as preferred developer for the £75 million Queen’s Quay project.

“Despite being named preferred developer for the Queen`s Quay project almost 18 months ago, following a competitive tendering process, we are now informed today by Laganside/DSD that our position is suddenly reversed with no suitable explanation offered as to why.”

Peter Holmes’ reported comments in full

“My colleagues and I are dismayed and utterly bewildered by this announcement.

Despite being named preferred developer for the Queen`s Quay project almost 18 months ago, following a competitive tendering process, we are now informed today by Laganside/DSD that our position is suddenly reversed with no suitable explanation offered as to why.”

“As the company which brought Odyssey to Northern Ireland, we find it difficult to understand why our ability to deliver this project should now be in doubt.”

“We are shocked by this decision and we are now considering our legal position.”

Yesterday NIO minister David Hanson issued a statement, but as noted here, the reason given for the decision was only contained in the editor’s notes

1. In 2005 Laganside Corporation ran a competition to select a preferred developer for the proposed Queen’s Quay Development along the East Bank of the Lagan from Bridge End to just beyond the Odyssey. In June 2005 the Laganside Board appointed Sheridan Millennium as the preferred developer for the three development sites at Queen’s Quay subject to completing due diligence which involves an independent assessment of the developer’s ability to deliver the project. The process of due diligence is required for large developments such as Queen’s Quay.

2. Following due diligence the Department and Laganside have concluded that they cannot properly form an opinion on Sheridan Millennium’s ability to deliver the project and so cannot proceed to enter into a development agreement with Sheridan Millennium. As a result the current competition initiated in January 2005 through which Sheridan Millennium was identified as preferred developer has been terminated by Laganside.[added emphasis]

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