Mid Devon DC’s development firm is facing closure, having received £21m in loans from the authority.
The firm - 3 Rivers Development - is expected to be axed by the new Lib Dem administration six years after its inception.
Senior Mid Devon councillors accepted the recommendation of a viability report report, which concluded the 'financial rationale behind setting the company up hasn’t been achieved’ and suggested a ‘soft closure’ was the only realistic option.
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