Creditors owed more than £1m following Ptarmigan Homes collapse
Reading time: 1 minute
An Inverness-based housebuilder that ceased trading earlier this year owed nearly £1 million to creditors
Ptarmigan Homes left 25 projects unfinished when it collapsed in April.
According to The Press And Journal, the firm owed about £450,000 to suppliers and nearly £500,000 to 17 customers.
Six employees were made redundant, with another having left the business just before its demise, which has been blamed on the Covid-19 pandemic, project delays, price rises, resource shortages and cancelled orders.
Richard Bathgate, restructuring partner at Johnston Carmichael, was appointed provisional liquidator of Ptarmigan on May 2. He became interim liquidator at Inverness Sheriff Court on May 25.
The company’s collapse came about six years after firms run by the same owners – Martin Roy and his family – collapsed. Inverness-based Roy Homes Ltd, and its sister company Roy Homes Timber Frame Ltd, ceased trading in 2017 amid “serious cash flow problems”.
Roy Homes also owed more than £1m to creditors when it went out of business.
Ptarmigan acquired the assets of Roy Homes and Roy Homes Timber Frame the following month.
Share this article:
Subscribe to our newsletter to not miss articles like this one:
SUBSCRIBE
