Just months after receiving planning permission for his clifftop hotel in Newquay, tv chef Rick Stein has pulled the plug on the site due to escalating development costs.

The multi-million pound Cornish development, dubbed Project Blue Fin, was to include a 30-bedroom hotel with a bar, terraces and a seafood restaurant.

Initial costs had been projected at £1.5m, but increased to £6.5m, leading Stein to call an end to the development.

Stein said: “Unfortunately, we've decided not to continue to develop the hotel in Newquay. The reason is, quite simply, that it is too expensive. The costs for developing the hotel rose from an initial £1.5 million for refurbishment to £6.5m for a complete new build project.

“Whilst it would be possible to invite other investors on board, we have always pursued a policy of self financing our business developments and £6.5m is just too much.”

He added that he will shortly be putting the property on the market. Details: www.rickstein.com