A WORCESTER investment and property company launched just four years ago has bagged a £200m deal to redevelop a piece of land once managed by rail pioneer George Stephenson.

Maximus Securities has acquired the 230-acre site of the former Biwater foundry in Clay Cross, Derbyshire.

Some 110 acres of the site, close to the centre of Clay Cross and four miles from the M1, have been set aside for employment, mixed use and residential development.

The site was established in the early Victorian times with the discovery of clay there. It closed in 2000 with the loss of 600 jobs. Now Maximus, in conjunction with North-East Derbyshire District Council, is preparing a design brief for the whole of the site.

"We have the opportunity to create an exciting and innovative scheme to accelerate the process of regeneration and job creation in the Clay Cross area," said Dick Hickton, who set up Hallow-based Maximus in 2001.

"We will be working closely with the district council, English Partnership and the East Midland Development Agency which is spearheading the regeneration.

"This is a major deal for us which we estimate will be worth about £200m.

"For a company which only employs eight people that is good going. We have had a few big deals since we launched, including building an office development next to County Hall to take Worcestershire County Council staff."

He added that Maximus hoped to lodge a planning application for this latest scheme in the summer. "Our aim is to create a new and sustainable entity for the benefit of new residents and employees and the existing Clay Cross community," Mr Hickton added.

Once that is approved, it hopes to begin redevelopment as soon as possible.