Barnfield Investment Properties is part of a public-private consortium intent on saving the grade 2 listed Brierfield Mills in Pendle, Lancashire.
Negotiations between the owners, Islamic Help, who bought Brierfield Mills two years ago, and local regeneration bosses at Pendle Vision, have broken down.
An urgent summit meeting was held this week to secure a future for Brierfield Mills. The meeting was called by the board of Pendle Vision, the economic development arm of Pendle Partnership.
The summit follows the news that the council's bids to win Regional Growth Fund investment and a University Technical College for the site have not been successful.
Meanwhile, Islamic Help have abandoned plans to convert the mill into a large Islamic academy for girls.
Lancashire County Council, Regenerate Pennine Lancashire, the Homes & Communities Agency, Pennine Lancashire and Pendle Council's own regeneration company Pearl2, OF WHICH Barnfield is a partner, attended the summit to work together on an urgent plan of action.
They agreed to:
- Take action to buy Brierfield Mills at a reasonable price – including the option of initiating a Compulsory Purchase Order
- Work together to secure funding and a comprehensive regeneration of the whole site with a mix of business, housing and retail
- Start work on a detailed business and master plan
- Hold a progress meeting in December to maintain momentum for regeneration of Brierfield Mills.
Dennis Mendoros, chairman of Pendle Vision Board, said: "We were naturally disappointed that Brierfield Mills has not been chosen either for Regional Growth Fund investment or the University Technical College site.
"However, it's vital that options for this important and at-risk building are considered by agencies which can bring about comprehensive regeneration of such an important site."