The company, which specialised in property redevelopment, had successfully secured planning permission to renovate the Custom House, a prominent early Victorian Grade A listed structure on Dundee’s waterfront.

Alicydon purchased Custom House, which is located on Dock Street, in January 2020 with plans to return the historic building, dating back to the 1840s, to its original grandeur. The site, once the Dundee Port Authority headquarters and later used as a television studio and office building, has been vacant since 2008.

The company’s redevelopment plan entailed transforming the landmark building into 20 luxury apartments, accompanied by the construction of two additional buildings to house 29 more apartments. Further elements of the project included private parking and well-curated, landscaped grounds.

However, after securing planning permission and commencing the initial stages of the development, cost overruns meant that the company had no option but to cease trading and appoint provisional liquidators.

Alicydon did not directly employ any staff, instead choosing to subcontract all of its work.

Provisional liquidator Mr Pattullo said: “With its central location next to City Quay and close to V&A Dundee and HMS Unicorn, the restoration of Custom House is at the heart of the city’s regeneration plan.

“We are currently in the process of assessing the site before marketing the development and are confident that a new owner will quickly be found for one of Dundee’s most iconic landmark buildings.”