Exclusive: Firm collapses
Liquidators called in as Terry Healy Group fails
UPDATE 20th: Terry Healy Group, the Edinburgh-based building contractor, has collapsed and all 51 staff have been made redundant.
FRP Advisory has been appointed joint provisional liquidator and the company has ceased trading with immediate effect.
The company, set up in Dalkeith in 2014, was active in a range of trades from roofing and plumbing to door and window fitting.
Callum Angus Carmichael and Chad Griffin of FRP Advisory have been appointed joint liquidators.
The firm’s failure was a result of 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 said that in spite of extensive efforts to effect a turnaround, the trading position had become untenable, and provisional liquidation was the only option.
Mr Carmichael, partner with FRP, 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.”
Last November Terry Healy Group acquired Custom Build Solutions (CBS), an established all-trades building & home improvements company, also based in Edinburgh.
CBS directors Paul Browne and Danni Moss joined in senior posts and all staff and clients moved across to Terry Healy.