By Ian McConnell
Business Editor
A SCOTTISH building and home improvements business has fallen into liquidation, with all 51 staff made redundant.
Callum Carmichael and Chad Griffin, partners with FRP Advisory, have been appointed joint provisional liquidators of Dalkeith-based Terry Healy Group. Founded in 2014, Terry Healy Group provided a full range of building, electrical, heating, roofing, renewable and plumbing services to trade and domestic clients. The company also supplied windows and doors and operated a 24-hour emergency repairs and maintenance service.
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, FRP Advisory said.
It added: “In spite of extensive efforts to effect a turnaround, the trading position had 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 every assistance to those affected, including helping with redundancy payment claims and accessing third-party support services.”
Mr 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. We will now focus on asset realisations including the sale of the heating maintenance contracts database.”
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