UK housebuilding company collapses into administration - in business since 2020

A housebuilding company behind a new village in Scotland has plunged into administration amid delays as the project faces another setback. Wbg has been appointed administrator for Bay Homes, revealing that creditors include the contracted builder and a lender, The Herald reports.

The company was created to oversee the building of new homes in the Scottish village of Strachur, which has already faced "significant completion delays and cost overruns". Filings on Companies House show Bay Homes was incorporated in 2020, and is now listed as being in administration.

A Wbg spokesperson said: "Bay Homes is an SPV (Special Purposes Vehicle) for a residential development at Strachur, Loch Fyne.

"The site has planning consent for 16 properties, 14 have been built and sold and the remaining two will shortly be marketed for sale.

"Based on information provided by the directors, there are no employees and the main creditors are Prydis Trustees as secured lender, the contracted builder McNee Building Services and the directors themselves.

"Significant completion delays and cost overruns resulted in the appointment of Gordon McIntyre and Donald McKinnon of Wbg as administrators."

Bay Homes is not the only Scottish business to plunge into administration, with Amiry & Gilbride Healthcare Limited (AGH) also suffering the same fate.

The company operates a chain of pharmacies under LP North 14 Limited and LP North 15 Limited. Its two prescription collection units also provide services, including prescription locker collections and free medicine pouching.

An order from the Court of Session appointed administrators to the holding company, though neither of the two subsidiaries comes under this ruling.

Instead, they are expected to be sold, and the pharmacies operated by them will continue trading as normal.