Torsion Developments to be liquidated
The High Court has ordered the Leeds-based developer to be wound up following a petition by Manchester-based Zentra Group.
The collapse follows a period of growth for the company, which saw profits more than double between 2023 and 2024 from £3.1m to £7.3m.
At the end of 2024, the last period for which financial results are available, Torsion estimated the GDV of its completed schemes was £436m. It was underway with a further six schemes across Yorkshire and the Midlands worth £343m and had a pipeline of £1.1bn, according to Companies House filings.
Among its on-site projects was the 34-storey Sky Gardens in Leeds, which had a gross development value of £90m.
Torsion Construction, one of the group’s divisions, went bust in July with debts of more than £22m.
The construction arm had been building One Victoria, a residential scheme in Manchester, for Zentra Group. It was Zentra Group that lodged the winding up petition against Torison Developments, of which it was a creditor.
A High Court hearing was held on 29 September, when Torsion Developments was ordered to be liquidated.
