TWO directors have quit at a Warrington-based retirement village developer as it seeks to slash its costs following a slump. Managing director Mark Phoenix and finance chief Darren Smith have resigned from Prestigious Retirement Villages, which floated on the PLUS market last October.

In a trading update, the firm said it continues to experience depressed trading at its flagship development on the site of a former Pontins holiday camp at Middleton Towers, near Lancaster. Many potential buyers are unable to sell their current homes because of the property market slowdown.

The company said it did not now need the infrastructure being put in place to develop multiple sites and was cutting staff numbers and overall costs.

Founder and deputy chairman John Ward is taking on Mr Phoenix's responsibilities. Shareholder Howard Graham has been appointed a director. Mr Smith will remain a consultant to the business.