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  "path": "/money/devonshire-homes-collapses-administration-jobs-risk",
  "publishedAt": "2026-06-29T14:25:37.000Z",
  "site": "https://www.gbnews.com",
  "tags": [
    "State pension to 'account for half' of DWP benefit spending as triple lock future in doubt",
    "Historic UK tobacco brand to axe 9,000 jobs in major business overhaul",
    "Energy bills to jump by £221 from Wednesday - but millions handed glimmer of hope",
    "The GB News Editorial Charter"
  ],
  "textContent": "\n\n\nA South West housebuilder partly owned by former Conservative MP David Heathcoat-Amory has collapsed into administration, putting 77 jobs at risk after efforts to secure a rescue deal failed.\n\nDevonshire Homes Limited has appointed administrators from Alvarez & Marsal Europe LLP to oversee the insolvency process after being unable to find fresh investment or raise sufficient funds through asset sales.\n\n###\n\n\n\n\nOnly Devonshire Homes Limited has entered administration, with other associated businesses and developments within the wider group remaining unaffected.\n\nThe company had been attempting to avoid insolvency in recent weeks after filing a Notice of Intention to appoint an administrator, a legal process that provided 10 business days to pursue a rescue plan.\n\n###\n\n\n\n\nTRENDING\n\nStories\n\nVideos\n\nYour Say\n\n###\n\n\n\n\nDuring that period, the business explored several options, including securing external investment and disposing of assets to improve its financial position.\n\nThose efforts were ultimately unsuccessful, resulting in the formal appointment of administrators.\n\nCompany accounts indicate the firm's financial difficulties were largely driven by a residential development it acquired when construction was already partially complete.\n\nThe project consisted of bespoke, architect-designed timber-frame homes across two separate locations, marking a significant departure from the company's traditional style of housebuilding.\n\nAccounts filed by parent company London & Devonshire Trust Limited said: \"The group had not built such houses before and significantly underestimated the build costs to build the designs.\"\n\n###\n\n\n\n\n###\n\n\n\n\n###\n\n\n\n\nThe company said completing the development proved substantially more expensive than originally anticipated, resulting in an in-year deficit of £156,099 and an expected overall loss of £1.28million.\n\nIts financial position was further affected by an accounting policy adjustment during the same period, which reduced profits by a further £341,902.\n\nThe accounts described the losses as \"exceptional\" and stated that similar acquisitions would not be repeated.\n\nBefore entering administration, Devonshire Homes had operated in the South West for more than 30 years.\n\n### LATEST DEVELOPMENTS\n\n\n\n\n  * State pension to 'account for half' of DWP benefit spending as triple lock future in doubt\n  * Historic UK tobacco brand to axe 9,000 jobs in major business overhaul\n  * Energy bills to jump by £221 from Wednesday - but millions handed glimmer of hope\n\n\n\n###\n\n\n\n\n###\n\n\n\n\nThe business previously traded as Langworthy Construction before adopting the Devonshire Homes name.\n\nIts developments included traditional countryside properties with thatched roofs, modern apartment blocks and new-build family homes, while the company also carried out restoration work on Grade II listed buildings.\n\nAt the time of its collapse, active developments were under way in Ilfracombe, Bideford, Yelland and Bovey Tracey in Devon, alongside projects in Wincanton, Somerset, and Mabe and Penzance in Cornwall.\n\n###\n\n\n\n\n###\n\n\n\n\nThe company recorded a pre-tax loss of £137,024 for the year to September 2024 on turnover of £52million, having reported profits of more than £1.2million in the previous financial year.\n\nThe collapse comes amid continued pressure across the wider construction industry.\n\nResearch published earlier this year by Witan Solicitors found that 41.6 per cent of construction companies ceased trading between January 2021 and December 2025, based on Companies House data.\n\n###\n\n\n\n\n###\n\n\n\n\nThe research found domestic building construction recorded a failure rate of 43.4 per cent over the same period.\n\nQarrar Somji, solicitor-advocate and director at Witan Solicitors, said: \"The construction industry is under sustained and growing pressure, and there are very few signs that things will ease in the short term.\"\n\nMr Somji said escalating costs, supply chain pressures, labour shortages and increasingly complex regulations were continuing to place significant strain on businesses across the sector.\n\nHe added: \"Cash flow remains one of the most critical pressure points, especially for smaller firms,\" noting that contractors often wait 90 days or longer to receive payment.\n\n###\n\n\n\n\n\n\n\n\n\n\n**Our Standards: The GB News Editorial Charter**",
  "title": "Major British housebuilder collapses into administration with 77 jobs at risk"
}