Fraud investigation into Manchester and Liverpool developers ends

The New Chinatown scheme was due to be built on Liverpool's Great George Street

An investigation into suspected fraud involving three city centre property developments has ended due to "insufficient evidence", the Serious Fraud Office (SFO) has said.

Millions of pounds were invested in North Point Pall Mall and New Chinatown in Liverpool and Angelgate in Manchester, which are yet to be built.

The SFO said no charges were brought.

Merseyside Police said it had "painstakingly" examined tens of thousands of documents.

China Town Development Company Ltd was involved with the £200m New Chinatown project, which aimed to bring 790 new homes and a hotel to an area on Liverpool's Great George Street.

'Necessary decision'

The failed scheme was revived in 2018, after a consortium of investors bought the company for the leasehold on the council-owned land.

Similarly, the Angelgate site was sold to new investors before the developer Pinnacle (Angelgate) Ltd was liquidated, while part of the North Point Pall Mall scheme was purchased by a developer from North Point (Pall Mall) Ltd, which is under receivership.

A joint investigation between the SFO and the North West Regional Organised Crime Unit (NWROCU) has concluded after three years as officials found "insufficient evidence to support a prosecution".

The SFO said it had "carefully considered the potential impact on investors when making the necessary decision to close the investigation".

It urged any investors who believe they have lost money in the stalled schemes to get in touch.