The Rock, a £220 million development in Bury, Lancashire including 60 retail units, a cinema, restaurants, bowling alleys, 170 apartments and a car park, will now be completed by property giant Hammerson after Thornfield Ventures Limited was placed into administration.

A holding company of HBOS-backed developer Thornfield Properties, Thornfield Ventures' principal development asset was the 1.6m sq ft Rock, which is set for completion in the summer.

Phil Bowers and Angus Martin of Deloitte have been appointed joint administrators to the non-trading holding company, commenting that they are working closely with all stakeholders "to support the completion of Bury and maximise the potential" of other development schemes.

Bowers, a partner in Deloitte's reorganisation services practice, added: "It has been agreed by all parties that Hammerson, a leading European development and asset management partner, has been appointed to deliver the completion and opening of Bury and will also be supporting the joint administrators in evaluating the other schemes in the portfolio."

Major retailers including Marks and Spencer, Primark, Debenhams and Next are among those to have signed up for the Bury development, mooted for completion in July.

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