Bossses at Liverpool-based property developer Beetham are celebrating after its future was secured with permission to develop a controversial £1billion skyscraper in London.
Beetham has won an official sanction for a 52 storey tower on the bank of the Rover Thames in partnership with Russian property tycoon Sergei Polonsky.
The development had been challenged on the grounds that it was too big for the site in question in Blackfriars.
The firm is carrying big bank debts on its ballance sheet and there were fears that without the London scheme its future was uncertain.
Department for Communities and Local Government Minister Hazel Blears had called-in the scheme last year to examine whether it met tall building planning guidelines.
A spokesman for the Department of Communities and Local Government said: "The minister considers the proposals are in appropriate locations for tall buildings and that the design would be of high quality."
Beetham Director Stephen Beetham said: "Like a lot of property companies we have been carrying some debt and what this does is underpin the future of the company an its fantastic news.
"It safeguards a lot of jobs".
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