Administrators have been called in to three companies operating under the Camstead Homes name, leading to the loss of 20 jobs.
Bosses at Camstead Limited, Scotfield Group Limited and Yelcon Limited are said to have worked to address cash flow issues and pressure from suppliers, brought on by "sustained trading difficulties". But administrators from Interpath say no solvent solution was possible, leading to their appointment.
Work across Camstead's three current developments, Blackberry Walk in Derwenthorpe, Tailors Green in Shepley and The Heath in Adel, has been paused as a result. Two members of staff have been retained to help joint administrators James Clark and Howard Smith in their handling of the sites.
Camstead specialised in desirable properties in prime and rural locations and said it had a portfolio of more than 4,000 homes. Its sites span Yorkshire, Lincolnshire, Rutland, Leicestershire, Hertfordshire, Cambridgeshire, Middlesex, Bedfordshire and Essex.
James Clark, managing director at Interpath and joint administrator, 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.”
Mr Clark added: “We appreciate news of the administration will cause a great deal of concern for those homeowners and residents of sites where development work remains under way. Our immediate priority is to work with key stakeholders to find alternative solutions which may enable work across these sites to be completed.
"In particular, we will be working with our appointed agents to market the Blackberry Walk site at Derwenthorpe. We are hopeful for significant interest from this process and would encourage parties interested in acquiring this site to make contact with us and our appointed agents, Watling Real Estate, at the earliest opportunity.”
