The decision came under scrutiny at a meeting of the Labour-run cabinet this week, where opposition councillors accused leaders of a "lack of oversight and direction".

Lion Homes, which is wholly owned by the council, was founded a decade ago in the hopes of delivering more affordable housing and an additional income stream for Norwich City Council.

However, after suffering years of losses, it was confirmed on Wednesday that the company is being put into voluntary liquidation due to recent "challenges".

Mike Stonard, then chairman of the Norwich Regeneration Company, cuts the ribbon to open the first of the Passivhaus homes at Rayne Park, Bowthorpe (Image: Denise Bradley) The company was founded as........

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