Multi-million pound development plans for Macclesfield town centre will not be affected by the demise of construction giant Carillion, it has been revealed.

The construction services company, which folded after crunch talks to drive down debt failed, originally held a majority stake in the £19m town centre leisure scheme.

However, after falling into financial difficulty last year, they were forced to sell their controlling share in the scheme’s developer, Ask Real Estate to Midlands-based property firm Richardson.

A spokesman for Cheshire East Council has also confirmed it has no ‘direct contracts’ with Carillion, which means public services in Macclesfield are also expected to remain relatively unscathed.

Bosses at Carillion said they had ‘no choice’ after talks failed to find another way to deal with the company’s debts.

Chairman Philip Green said: “This is a very sad day for Carillion, for our colleagues, suppliers and customers that we have been proud to serve over many years.

“In recent days however we have been unable to secure the funding to support our business plan and it is therefore with the deepest regret that we have arrived at this decision.”

No one at Ask Real Estate was available for comment.