Directors of failed £100m housing scheme face legal action, buyer has found understands that a buyer has been found for the £100m Sherwood Oaks Homes Development in Forest Town, near Mansfield.

Property consultancy Heb was appointed to sell the scheme in November after administrators from Moorfields were called in to take over the day-to-day running of developer Sherwood Oak Homes last October.

OakNorth Bank, which holds a charge on the company, has applied for Sherwood Oak Homes to be placed into administration.

A second firm, Sherwood Oak Holdings, is also in administration.

An update from administrators paints a confusing picture of the past 12 months at the scheme. In early 2023, directors of Sherwood Oak Homes entered into discussions with Mansfield District Council to purchase a small piece of land nearby that used to be a bus stop. After being appointed, Moorfields discovered that this land was registered at the Land Registry in the name of the directors and not in the name of any of the companies. This despite the fact that the land was bought using cash from Sherwood Oak Homes.

Moorfields instructed law firm Addleshaw Goddard to apply for the bus station land to be transferred to Sherwood Oak Homes, but the directors refused. The trustees are now engaged in a legal battle over the land.

The Oaks is a development of 313 2-, 3-, 4- and 5-bedroom homes. Prices range from £225,000 to £480,950.

Henry Boot Construction was chosen as the building firm on the scheme when it started in November 2021. Pygott & Crone marketed the homes.