Leeds-based developer goes into administration
Interpath has been appointed as administrator to Camstead Ltd, Scotfield Group Ltd, and Yelcon Ltd, together known as Camstead Homes.
Based in Leeds, Camstead Homes currently has three developments underway: Blackberry Walk in Derwenthorpe, Tailors Green in Shepley, and The Heath in Adel.
Previous developments include St Peter’s Hall and House at The Calls; Willow Park, Moortown; and Green Lane Mills, Yeadon.
The company went into administration on 19 November, following “sustained trading difficulties over 2024 due to various economic pressures, which, in turn, led to cash shortages and increased pressure from suppliers.”
Work at the developer’s current sites will be suspended. Interpath noted that its first move will be working with Watling Real Estate to find a buyer for the Blackberry Walk, Derwenthorpe site.
James Clark, managing director at Interpath and joint administrator alongside fellow MD Howard Smith, said: “2024 has been another challenging year for the building and construction industry, with housebuilders continuing to battle with the impact of rising raw material costs, wafer-thin margins, and the impact of high interest rates and rising mortgage costs on consumers.
“While the Government’s planning reforms have given hope to many across the industry, unfortunately, the trading difficulties encountered by Camstead Homes proved too challenging to overcome.”
He continued: “We appreciate news of the administration will cause a great deal of concern for those homeowners and residents of sites where development work remains underway.
“Our immediate priority is to work with key stakeholders to find alternative solutions which may enable work across these sites to be completed.”
The joint administrators have retained two members of staff from Camstead Homes to assist them. The remaining 20 members of staff have been made redundant, with support given on how to claim from the Redundancy Payments Service.
