Notes
BYM Capital Limited (Company No. 09862005) is a UK private limited company incorporated on 9 November 2015, originally named Altitude Finance Ltd (changed 10 May 2017). It is currently in administration, with a registered office at C/O FRP Advisory Trading Limited, 2nd Floor, 110 Cannon Street, London, EC4N 6EU. SIC code: 68310 (Real estate agencies).
BYM Capital was founded by Matan Abraham Amitai, Ben Ditkovsky, and Joseph Dunner. All three remain listed as directors (appointed 2015-2016). The firm claimed to manage over GBP 700 million in assets under management, including approximately 1,200 residential units and 2 million sq ft of commercial space.
The “Permitted Developments Investments” SPV Structure
BYM Capital created a series of numbered Special Purpose Vehicles (SPVs) called “Permitted Developments Investments” to hold individual property assets. At least 22 numbered companies were incorporated (No 1 through No 21, plus an unnumbered parent entity), each typically holding a single property or development project. The strategy centred on exploiting “permitted development” planning rights to convert commercial properties (offices, retail centres) to residential use without requiring full planning permission.
See Permitted Developments Investments for the full series listing and analysis.
Founders
Matan Abraham Amitai (born November 1979, German national, resident in Portugal). Co-founder and sole director of the parent entity Permitted Developments Investments Ltd. Initially director of virtually all SPVs, gradually resigned from most between 2019 and 2024. Originally listed a London address but now uses Lisbon, Portugal.
Ben Ditkovsky (born October 1983, Israeli national, UK resident). Co-founder. Followed the same director pattern as Amitai — appointed at incorporation, resigned in waves.
Joseph Dunner (born October 1983, British national, UK resident). Co-founder. Leads planning efforts for BYM Capital-owned sites. Same director pattern.
Administration and Collapse
On 19 October 2023, FRP Advisory partners Philip Watkins and Geoff Carton-Kelly were appointed joint administrators of BYM Capital by High Court order, following winding-up petitions received on 29 September 2023. BYM Capital holds seven wholly owned subsidiaries; six of those companies’ assets were subject to LPA receiverships.
Total creditors were owed GBP 119 million, including:
- Standard Bank of South Africa: over GBP 50 million
- Subsidiary companies: GBP 45 million
- Various creditors (accountant, law firm, lettings agent): triggered a GBP 900,000+ winding-up petition
Contributing factors included rising construction costs and increased interest rates since mid-2022.
Sources: Bisnow - Signs of Mounting Distress; Bisnow - 5 Assets Up For Grabs; Companies House - BYM Capital
Key Properties (via PDI SPVs)
| Property | SPV | Status |
|---|---|---|
| Papermill House, Uxbridge (148K SF, former Xerox HQ, 140-apartment conversion) | PDI No 6 | In Administration |
| Coopers Square, Burton-upon-Trent (400K SF shopping centre, bought for GBP 23M in 2022) | PDI No 19 | Receiver Action |
| The Spires, High Barnet (bought for GBP 28M in May 2021, planned 300 flats) | PDI No 18 (now NEG The Spires Ltd) | Renamed; new directors |
| 2 Furzeground Way, Stockley Park (53K SF, let to Apple UK) | PDI No 17 (now NEG 2 Furzeground Way Ltd) | Renamed; new directors |
| Astral Towers, Crawley (119K SF, BA and Tesco tenants) | Unknown SPV | Receivership |
| Swan Walk, Horsham (360K SF) | Unknown SPV | Receivership |
| Treaty Centre, Hounslow (185K SF, JV with Greystar) | Unknown SPV | Being sold |
Sources: Bisnow - Signs of Mounting Distress; Barnet Society - Administrators take control; Barnet Society - Spires sold
The Spires, Barnet
BYM Capital purchased The Spires shopping centre lease for GBP 28 million in May 2021 (asking price was GBP 25M; previous owner AIMCO, a Canadian pension fund, had valued it at GBP 40M). In September 2022, BYM acquired the adjacent former car park for approximately GBP 3 million. In April 2023, BYM exhibited plans for redeveloping the site with five- and six-storey blocks of flats accommodating approximately 300 new homes. The plans were opposed by Chipping Barnet MP Theresa Villiers and local residents.
The shopping centre’s daily operation was financed through a separate fund entity, Permitted Developments Investments No 18 Limited (now renamed NEG The Spires Limited, company 12898081). The Spires management stated that PDI funding was “secure” and unaffected by BYM’s administration. The property acquisition was financed with a GBP 21.65 million loan from ASK Partners.
Sources: Barnet Society - Spires sold; Barnet Society - Administrators take control
Edges
Permitted Developments Investments
BYM Capital created the entire series of PDI numbered SPVs to hold individual property assets.
Mark Shooter
Shooter was director of two PDI SPVs: No 8 (June 2021 - February 2025) and No 13 (May 2020 - August 2025). He was also co-director with Jeffrey Weinzweig on both. Shooter’s “Permitted Developments No Ltd” (13851613) appears to be a separate entity registered at the same Churchill House address, with Shooter as sole director after Dadoun resigned.
Michel Dadoun
Co-director with Mark Shooter at Permitted Developments No Ltd (13851613), resigned June 2023.
Gold Wynn
Jeffrey Mark Weinzweig (Jeffrey Wynn) served as director of PDI No 8 and No 13 alongside Mark Shooter. This creates a direct link between the BYM Capital SPV network and the Gold Wynn property empire.
London Borough of Barnet
The Spires shopping centre in High Barnet is within the London Borough of Barnet. Mark Shooter, a Barnet councillor, was simultaneously a director of PDI No 13 (registered at Churchill House, Bunns Lane, also in Barnet).