The boss of struggling Sefton Group says the government's ?4.5 million rescue package has given the company vital breathing space - but was not needed to prevent collapse.
Sir Miles Walker says the group's directors had set up new terms with its bankers - but needed working capital as well.
The Middlemarch site in Lord Street will provide that - it's being sold to government for ?3.2 million with an option for Sefton to lease back.
Sir Miles says the deal makes sense for both parties as it gives government control over several town centre sites with strong development potential:
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