10 Jun 2024

LDS enters run-off state

LDS Sales Guarantees has today (10th June) confirmed the business has entered a run-off state.

 

Since its inception in 2021, LDS has helped SME developers deliver hundreds of new homes by giving housebuilders and lenders an exit via a guarantee to purchase unsold units.

The business has confirmed to DFT that it remains committed to live sites and those in negotiation.

For developers currently being supported by a Sales Guarantee, all projects will be seen through as agreed.

Clients and partners of LDS have been contacted directly.

A small team, including CEO Mark Hawthorn, will manage out the portfolio and pipeline.

“The huge opportunity we saw in the SME housebuilder space is an equally huge, if not insurmountable, challenge,” said Mark.

“The LDS concept is a good idea, however, it turned out to be one that is complex to execute and progress in a market hallmarked by protracted timelines and acutely affected by economic pressures.

“We managed to assemble a brilliant team of people, and I am sad to see them go.

“I am committed to doing all I can to support them and will happily facilitate any conversations that may contribute to their next steps.

“I would like to extend my gratitude to the many broker and lender partners who have worked side-by-side with LDS, and with whom we managed to bring forward hundreds of new homes that otherwise wouldn’t have been built.

“In that sense, I do think it was a success.”

Landmark Group, the parent of LDS Sales Guarantees, stated that it “remains robust and is more than capable of fulfilling existing obligations”.

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