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Two directors at the company behind Birmingham's Paradise Circus said they have reached a mutual agreement to set up their own development business. As part of the deal, Gary Taylor and Stephen Tillman could fully acquire Argent's interest in the Birmingham scheme.

Taylor and Tillman said they will now work alongside the remaining directors at property developer Argent on certain projects.

The pair will take forward Argent's existing schemes at Paradise Circus in Birmingham and Ffos-y-Fran in Merthyr Tydfil, South Wales. Argent said it will retain a part ownership in both schemes.

Alongside the acquisition of Argent's interest in Paradise Circus, Taylor and Tillman have also purchased assets in Argent's residential land business which was set up by Stephen Tillman and colleague Robert Bolton.

Argent said it will now focus on taking forward its eight million sq ft King's Cross scheme in central London.

The property developer also retains ownership of the 107,000 sq ft Eleven Brindleyplace in Birmingham. The marketing and management of the scheme will be led by Argent’s senior projects director, James Heather.

Tillman said: "Gary and I are fully committed to building on the momentum already underway at Paradise Circus. We feel a personal responsibility to ensure that we put the effort into maximising the chance of creating something really special.

"We have built strong relationships in Birmingham, South Wales and London and believe that we are best placed to maximise these opportunities by continuing to work with the project teams and local contacts to finish what we have started. However, we are also looking to build a team to take forward other new opportunities in the UK."

Robert Bolton, who has been working alongside Tillman and Taylor for the past 18 months developing a residential land business within Argent, will also be joining the team.