FRP Advisory appointed liquidators of Dalkeith building firm Terry Healy Group
FRP Advisory partners Callum Carmichael and Chad Griffin have been appointed joint provisional liquidators of Dalkeith-based Terry Healy Group, an all-trades building and home improvements business.
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 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 commented: “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.”