Devon housebuilder to cease trading as it hits debt of £21m

A Devon-based housebuilder is set to close after debts reached £21m.
Set up in 2017 the council-owned 3Rivers Development aimed to delivery high quality homes in Mid Devon, while providing a financial return to Mid Devon Council.
However the council has announced that after six years these long terms aims have not been met and cited a back-drop of high interest rates, high building costs and a changing housing market, contributing to its decision to close the developer.
Since it began 3Rivers has delivered housing projects including the Orchard, Halberton, Threwstones, Tiverton and a development of social housing in Burlescombe. The …