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Development proposals worth 拢10bn are to be 鈥減ut on ice鈥� as regeneration developer Isis slashes staff and reviews its business in the wake of the credit crunch.

Mark Ryder, Isis鈥� chief executive, is to step down as the developer loses half its staff.

Ryder said the business would now concentrate on pushing through the two developments under construction 鈥� the 500-home Islington Wharf in Manchester and the 300-home Granary Wharf in Leeds.

This means the firm鈥檚 six other large developments, which contain about 6,500 homes, will be put on hold.

None of the sites have full planning permissions, but all have been worked on for a number of years and some have outline planning consent.

Ryder said: 鈥淲e feel very saddened to have to take this action, and for the people who鈥檝e left the company, but we鈥檙e obviously not alone in having to do this. One of the benefits of our business model is that we are able to effectively put these schemes on ice and pick them up again later on when the market turns round.

鈥淚sis is not insolvent, but the next few years will be a period of retrenchment,鈥� he added.

Ryder, who is to be replaced by Dara Mulcahy, Isis鈥� finance director, said the six schemes would have a total development value of up to 拢10bn.

He said his departure from the firm was amicable. In total Isis will reduce its headcount from 20 to 10 staff, most of whom are development managers for the affected schemes. Offices in Glasgow, Birmingham and London will close.

Isis was formed as an offshoot of government canals body British Waterways in 2002, in a joint venture with Muse Developments and regeneration developer Igloo.