Modus has been forced to delay the development of its £230m Friars Walk development in Newport, South Wales, due to the credit crisis and following a funding arrangement which was pulled by one of its banks. It is now searching for an alternative lender. The funding is required to begin the development, Council leader Councillor Bob Bright stated funding is being provided a major High Street bank with negotiations ongoing with another two. It also seems likely that the financial crisis will delay the start to the City Spires development opposite the railway station. Cllr Bright said Modus was focussing its effort on the Friars Walk scheme.
