An international company in talks to lease part of a newly developed business park in Staffordshire has pulled out of the plans.

Talks with Newcastle Borough Council to lease advanced materials firm Lucideon’s proposed bespoke headquarters at the Chatterley Valley business park have failed.

A Lucideon spokesman said the decision was due to rising costs but the firm planned to remain in Staffordshire.

Lucideon, which has three facilities in Stone and across the United States, was in talks to lease a dedicated headquarters long-term.

A spokesperson for Lucideon said: “Due to a number of factors beyond the control of Lucideon and the developer, which have resulted in a very significant increase in costs of over 30%, the site has become completely uneconomic for the planned centre.

“Lucideon plans to remain in Staffordshire as we expand. “We continue to explore opportunities to develop suitable areas in the region.”