A MAJOR city centre apartment block will finally be completed in six months after administrators secured a deal to tie up its future.

Pinnacle (Bradford) Limited, part of the Manchester-based Pinnacle Group, went bust in April, leaving 126 flats hanging in the balance and some buyers at risk of losing their life savings.

The new deal, however, orchestrated by administrators Quantuma, will allow investors to appoint new developers to complete the project.

Some investors handed over between 50 and 80 per cent of the value of their flats as a deposit, which they had stood to lose if a new deal had not been secured.

Once the administrators were appointed and a deal was secured, buyers were asked to pay off the rest of their flats and hand over an extra 14 per cent to see the flats completed.

Danish Mahmood, from Shipley, is celebrating the news after he put his savings into what he thought was a secure investment, only for the original builders to walk away when the company ran out of cash.

He said: "It's great news.

"If it's going ahead then I'm really pleased.

"I wouldn't have minded paying a bit extra because the other option was to not pay and lose everything.

"I'm happy it's going to get sorted.

"The new director of the Buyers Company has given me assurances this time everything will go a lot smoother because I was concerned about handing more money over."

Another man told the Telegraph & Argus he bought a two bedroom-flat and car parking space inside the Xchange building by investing £75,000.

He was told the development would take 10 months when be bought a flat as an investment after taking early retirement.

However, it transpired very little work had taken place and the no one could contact the company.

Simon Campbell, Joint Administrator and Director at Quantuma, said: “This deal importantly gives control of the refurbishment back to the investors, via their appointed professionals.

"They will have to invest further funds into a fresh company to complete the works but can do so safe in the knowledge that it will be free from legacy liabilities.

"The position that the investors found themselves in was unenviable.

"Our team has worked tirelessly to rebuild the trust of all stakeholders.

"As a result, the transfer of the property and the completion of investor leases are hopefully now imminent, and we should see development work re-start shortly."