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Another blow for King Alfred scheme as financial backer pulls out

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The future of Karis’ King Alfred development in Hove is lying in tatters after Dutch bank ING pulled out of the scheme.

It heaps more bad news onto the developer, which earlier this month confirmed it had lost its stellar architect Frank Gehry, and has since been accused of breaching a Section 106 agreement (AJ online 25.07.08).

The AJ understands that the joint venture company, Karis Holdings, now solely comprises Karis Developments, which, according to a spokesperson, is talking to the council and other potential suitors.

A Karis spokesman said: ‘We still remain very committed to the scheme. We are trying to talk as openly as possible with the council and other possible investors.

‘We are still hoping to work with the council with the current design, and it would be fantastic if that would involve working with Frank Gehry again.’

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