Construction work has ground to a halt on a £90m high-rise scheme in east London after the main contractor went into administration.
Inland Homes was contracted to build Patchworks in Walthamstow, a residential development providing 583 homes in six blocks. The builder went into administration in October.
One of the project’s subcontractors said so Construction news that his company had lost half a million pounds on the project and was unsure when work would start again.
Inland Homes filed a notice of intention to appoint administrators on 27 September. “The next day we went to the site and were told we weren’t allowed in,” the source said.
Occupying the site of a former Homebase, Patchworks was one of the contractor’s most valuable projects.
The completed scheme is expected to contain buildings between four and 18 storeys tall with new commercial and community spaces, gardens and play areas. The surrounding area would receive a new cycle center and 80 new trees.
Construction began in June 2021 and two of the six blocks were completed this summer. The entire project was due to be completed by March 2025.
said Waltham Forestry Council CN “I would work with administrators and contractors to ensure a delivery plan is agreed.”
In an update to the stock market after entering administration, Inland said: “Inland has reviewed options to continue its policy of seeking to complete existing construction projects while undertaking a comprehensive program of asset disposals terrestrial, most of which are kept as inventory”.
Administrators of FRP Advisory were appointed on 4 October. The chairman of Inland Homes and two non-executive directors resigned in March after revealing a possible breach of regulations for listed companies. Inland chief executive Stephen Wicks stepped down last September after the group warned of a forecast pre-tax loss of £37m.
