Administrators Teneo requested the extension to 7 January 2027 to allow sufficient time to progress all outstanding matters, marking nearly two years since the Westhill-based housebuilder collapsed with debts worth nine figures.

The financial fallout remains significant, with the most recent report confirming that claims from contractors, suppliers, customers, and staff have exceeded £40.3 million. New claims continue to be submitted more than a year post-collapse, totalling £4m in a recent six-month period alone. These unsecured claims sit atop the £107.9m owed to the Bank of Scotland, the firm’s secured creditor. While the bank has received a payment of £10.4m, Teneo has previously stated that they expect only secured creditors to receive funds.

The collapse in January 2024 resulted in the immediate loss of 217 jobs from a workforce of 329, alongside hundreds of sub-contractor roles. Staff were informed of the closure during a video call with chief executive Stuart Macgregor and administrators. However, a recent legal victory led by Unite the Union has secured a share of a £1m payout for nearly 100 former Aberdeen-based workers, The Courier reports.

Administrators have successfully sold all ten projects that were left unfinished at the time of the collapse, including developments in Charleston and Arbroath acquired by Milestone Developments. Teneo’s fees for the process have been substantial, amounting to £2.4m for the first six months and just over £1m for the period between January and July last year.