Self-build business Roy Homes goes into administration
Inverness-based Roy Homes Ltd, and its sister company Roy Homes Timber Frame Ltd, ceased trading this week amid “serious cash flow problems”.
Roy Homes commenced trading in 1979 and supplies a full design-to-build service for self-build timber homes. The business is the largest supplier of bespoke homes across the North of Scotland.
Roy Timber Frame Ltd was founded in 2011 and supplied timber frame kits to Roy Homes. The businesses have helped hundreds of customers to plan, design and build their own homes.
The combined turnover of both businesses (to October 2016) was £3.2 million, with all 17 members of staff being made redundant with immediate effect.
Administrators FRP Advisory said the staff will be helped to make claims to the Insolvency Service for arrears of pay, payment in lieu of notice of redundancy, and holiday pay.
A call for buyers has been issued for assets and goodwill, which include a handful of live projects. Interested parties, particularly from across the house building sector, are being asked to make early contact with FRP Advisory.
Joint administrator and partner with FRP Advisory, Iain Fraser, said: “The Roy Homes brand is a well-known across Scotland, and is highly regarded for the quality of designs, construction and full service package. Unfortunately, the businesses ran into severe financial problems and administration was the only option.
“The self-build market is expanding rapidly across the UK and we are hopeful that there will be strong interest in the assets of these well-known businesses. We would ask that interested parties contact the Aberdeen office of FRP Advisory.”