Crusader, Capital&Centric, P.FontComms
Artez was converting Crusader Mill for Capital&Centric. Credit: via Font Comms

Artez latest contractor to collapse

Dan Whelan

The company has entered voluntary liquidation after being hit hard by rising construction costs and project delays. 

Artez, which employs around 20 staff, has appointed RSM Restructuring Advisory as liquidator. 

The company was founded in 2010 by former Urban Splash and Artisan director Mike Banton and was based at Lostock Office Park in Bolton. 

“The business has struggled as a result of the Covid-19 pandemic and has recently suffered vast cost increases, labour and material shortages and a slow-down in pipeline projects,”” Banton said. 

“These factors have proved impossible to trade through despite support from funders, key customers and some very sympathetic subcontractors. All of our clients have been incredibly understanding during this challenging time, but the unforeseen cost escalation has proved too difficult to sustain.”

The last financial results available for Artez are for the year ended 30 November 2020 but they do not disclose the company’s profit and loss account.

Artez reported total equity of £730,000 for the period.

The other companies within the Artez group, Artez Interiors and Artez Living, are not impacted and “continue to trade strongly”, according to the company. 

Among Artez’s projects was Capital&Centric’s Crusader scheme in Piccadilly East.

Artez was delivering the conversion of the former mill on Chapeltown Street into 126 apartments.

The project has been plagued by delays, as documented on BBC’s Manctopia documentary last summer.

Adam Higgins, co-founder at Capital&Centric, said: “We knew that Artez had been facing financial difficulties and we’ve been supporting them during the last few months, however sadly they have ceased trading.  

“Fortunately, the vast majority of apartments at Crusader are now completed with many already occupied. We’ve stepped in to complete the work so this will not stop us from delivering an amazing community in Piccadilly East.” 

Aside from the conversion of Crusader Mill, Artez’s past projects included the redevelopment of Bolton’s Market Place Vaults into retail and restaurant units for Moorgarth. 

Artez also revamped Stubbs Mill for Urban Splash in 2016 and constructed the distinctive gold Alchemist restaurant for Living Ventures at Salford Quays.  

Artez’s collapse follows that of NMCN earlier this week. In June, Vital Infrastructure Asset Management, the Speke-based firm previously known as King Construction, called in administrators.

In 2020 a string of North West construction firms went bust, citing the pandemic as a key factor in their demises. CPUK, Cruden Construction, Harry Fairclough and Goodwin’s Construction Services all called in administrators.

Marcus Worthington & Company (the construction division of Marcus Worthington Group), Pochin and Bardsley Construction fell in 2019 while Bolton-based Forrest collapsed in late 2018.

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I’m a huge fan of the work that Atrez has completed over the last 5 years. Subbs and the Achemist are fabulous looking buildings of great quality. Very sad news.

By Matt Pickering

It’s a sad reflection on the market when companies that are building places for owner occupiers (i.e. ones that help create genuine communities) fail, while ones that build to rent and sell off plan to investors prevail. I don’t really want Manchester to become Dubai.

By Mancunian

Sad news, the MediaCity Alchemist is a super building

By TJL

Gutted for the sub-contractors they couldn’t see this one through

By Rob McGay

Hopefully its gets finished as it’s a lovely build.

By Rod McGay

To be fair. It doesn’t even look like it’s been started. Are people really living here?

By Lincoln

Hopefully fresh investment is found to crack on and complete!

By Mr Banton