Lloyds Bank raises hopes £53m Sheffield flats will be finished after developer goes bust
A major housing scheme in Sheffield has come to a halt after its primary builder collapsed financially. Torsion Construction's insolvency left the Hollis Croft development—containing 234 residential units across 17 floors—suspended, with over a hundred workers losing their positions as a result.
The project relies on investment from the Housing Growth Partnership, which pairs Lloyds Bank's financial backing with Homes England's involvement. In response to the contractor's failure, both parties have committed to finding a replacement builder to resume work, attempting to keep delays to a minimum.
- Torsion Construction's insolvency halted the Hollis Croft scheme containing 234 flats in Sheffield, leaving 115 workers without jobs
- Lloyds Bank and Homes England are seeking a replacement contractor to resume the £53m residential development
- Administrators aim to minimise delays and restart construction through the Housing Growth Partnership
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Sheffield's Hollis Croft scheme is a large residential development in the city centre, comprising 234 flats spread across a 17-storey building, with a total value of around £53 million. Work stalled after the main contractor, Torsion Construction, went into insolvency, leading to more than 100 job losses on the site and leaving the building unfinished.
The scheme is backed by the Housing Growth Partnership, a fund that combines money from Lloyds Bank with support from Homes England, the government's housing agency. This arrangement means the project's fate now depends on decisions made by lenders and public bodies rather than the original developer alone.
Cases like this matter because they show how the collapse of a single construction firm can ripple out to affect large numbers of workers, delay much-needed housing supply, and put pressure on the banks and government agencies that fund such projects to step in and find a way to keep building work going.