UK: Godwin Capital, the investment arm of Midlands-based developer Godwin Developments, has entered administration. The appointment of joint administrators MHA and Blue Water Capital was made on 20 June 2025.
In a statement, Blue Water Capital said: “Godwin Capital advised Blue Water Capital Limited last week that despite their efforts to turn the business around, the group would be entering into an insolvency process. We can confirm that pursuant to the charge held we have appointed MHA to act as joint administrators on behalf of the secured creditors.”
The move follows mounting concern around the collapse of a loan note scheme offered by Godwin Capital, which attracted a number of retail investors. Marketed as a “property-backed” investment, the scheme has since unravelled, with reports that many investors have been left with limited information and no clear route to recover funds.
Birmingham-based Godwin Developments has built a range of residential, commercial, and mixed-use projects across the UK, including schemes in Bristol, Nottingham, Derby, Cambridge, and Newcastle.
Its developments include student accommodation, BTR housing, logistics hubs, and retail.
Godwin Developments had most recently been in the news in September 2024, when it appointed Yuved Bheenick as residential development director. Bheenick, a former land director at Bellway Homes South London, left the business in February 2025 after six months in the role.
Previously it had appointed Lesley Roberts as director of BTR operations in January 2023. In November 2022, Godwin Capital had also entered a joint venture with an unnamed institutional investor to launch a £1 billion nationwide BTR platform.
Godwin hasn’t released any official statement regarding the status of its development pipeline or the future of its staff.
Highlights:
– Godwin Capital entered administration on 20 June 2025
– Blue Water Capital and MHA appointed as joint administrators
– Collapse of “property-backed” loan notes leaves retail investors exposed
