Croydon council now plans to take a decision on the future of its troubled housebuilding subsidiary in July after it emerged that Homes England has been brought in to assess the value for money of a recent bid.

A spokesperson for the council said the decision over the possible sale of the business to a bidder – thought to be regeneration developer Urban Splash – will now be taken at one of two scheduled cabinet meetings in July.

The admission came as the improvement and assurance panel appointed by the government to oversee the financial recovery of the council claimed in its latest monthly update that the council had rejected the initial offer by the bidder before entering in to further negotiations.

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