Interpath has been appointed administrator of Camstead Ltd, Scotfield Group Ltd and Yelcon Ltd, collectively known as Camstead Homes.
Leeds-based Kamstead Homes currently has three developments underway: Blackberry Walk in Derwenthorpe, Taylors Green in Shepley and The Heath in Adele.
Previous developments include St. Peter's Hall and House at the Coles. Willow Park in Mooretown. and Green Lane Mills, Yeadon.
The company went into administration on November 19 following “continued trading difficulties into 2024 due to various economic pressures, resulting in a lack of funding and increased pressure from suppliers.”
The developer's current work on the site will be paused. Interpass said its first move would be to work with Watling Real Estate to find a buyer for the Blackberry Walk site in Derwenthorpe.
“2024 will be another challenging year for the building and construction industry, with home builders struggling to find raw materials,” said James Clark, managing director and co-manager of Interpass with fellow MD Howard Smith. “We continue to battle the effects of rising costs and razor-thin profit margins.” , the impact of high interest rates and rising mortgage costs on consumers.
“The Government’s planning reforms have given hope to many across the industry, but unfortunately the trading difficulties faced by Kamstead Homes have proven too difficult to overcome.”
He continued: “We appreciate that this administration's news will cause significant concern for homeowners and residents on sites where development work is underway.
“Our immediate priority is to work with key stakeholders to find alternative solutions that allow us to complete these site-wide works.”
The joint administrators have employed two staff from Kamstead Homes to assist them. The remaining 20 staff were made redundant and provided support on how to claim from the Redundancy Payment Service.
