THE Auction of The British, the largest derelict industrial site in South East Wales, will not now go ahead after it was temporarily withdrawn from sale.

After nearly 30 years of failed discussions, the site’s future is still uncertain after landowners HSBC took the site off the market at the last minute on Monday.

The Argus was told that an offer to buy the site was also withdrawn on Monday. However Cowbridge-based auctioneers Watts & Morgan would not confirm this.

Partner of Watts & Morgan, Robin Jones, said: “We have been instructed to temporarily withdraw it by the lenders HSBC until a later date.

“It has not been withdrawn through a lack of interest and we have been quite happy with the cross-section interest we have received, which has come from all over the UK.”

Abersychan ward councillor Wayne Tomlinson, said: “Myself and my two ward colleagues Giles Davies and Gwyneira Clark have been in liaison with the auctioneers and the council.

“It has been put on hold to allow private discussions to continue. I know Torfaen Council do not want it to go over to another company that may just sit on it and I believe they been pressuring HSBC to make this decision.”

Former councillor Dr John Cox, of the working group welcomed the news of the withdrawal from the auction.

He said: “It is positive news and I suspect that it may be to give the council time to find the money to purchase the land themselves. At the public meeting last month, we said we would rather they did.

“I imagine it is good news and hopefully it will lead to positive discussions with the council.”

At the meeting on May 19 in Talywain’s OAP hall, the working group stated their goal for the 1,306-acre site was for it to be turned into a nature reserve.

HSBC repossessed the disused colliery and ironworks after owners Castlemore Securities went into administration in March 2009, they priced the site at £250,000 split into two lots.

A council spokesman said: “The council is aware that the auction of the British site has been postponed and will engage in discussions with parties that could play a role in the reclamation of the site.”

HSBC are yet to comment on the site.