FRP Advisory has appointed partners Callum Carmichael and Chad Griffin as provisional liquidators of Terry Healy Group, a Scottish all-trades building and home improvements business.
The building firm was founded in 2014 and is headquartered in Dalkeith, East Lothian. Terry Healy Group provided a full range of building, electrical, heating, roofing, renewable and plumbing services to trade and domestic clients.
It said the provisional liquidation has been caused by “unsustainable cash flow problems stemming from liabilities built up during the Covid-19 pandemic, soaring labour and raw material costs, shrinking margins, delays to contracts and slow payments”.
In spite of “extensive efforts” to affect a turnaround, the trading position has become untenable, and provisional liquidation was the only option.
The business has ceased trading with immediate effect and all 51 staff have been made redundant.
The joint provisional liquidators will provide assistance to those affected, including helping with redundancy payment claims and accessing third party support services.
Carmichael 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.”