Dalkeith-based building and home improvements business the Terry Healy Group has been placed into liquidation.
Founded in 2014, the business provided a range of building, electrical, heating, roofing, renewable and plumbing services to trade and domestic clients. It also supplied windows and doors and operated an emergency repairs and maintenance service.
The provisional liquidation has been caused by unsustainable cash flow problems stemming from liabilities built up during the pandemic, soaring labour and raw material costs, shrinking margins, delays to contracts and slow payments.
In spite of efforts to effect a turnaround, the trading position had become untenable, and provisional liquidation was the only option, according to a statement from liquidators FRP Advisory.
The business has ceased trading with immediate effect and all 51 staff have been made redundant.
The liquidators will provide assistance to those affected, including helping with redundancy payment claims and accessing third party support services.
Callum Carmichael, partner with FRP, said: “Terry Healy Group had grown rapidly into one of the high profile and respected multi-trades home improvement businesses in the East of Scotland.
“Unfortunately, the business has been unable to overcome very serious financial problems and closure was the only option.
“We will now focus on asset realisations including the sale of the heating maintenance contracts database and would ask interested parties to contact the Edinburgh office of FRP Advisory as soon as possible.”
Don't miss the latest headlines with our twice-daily newsletter - sign up here for free.
