Home improvement company ceases trading
Friday July 22, 2022
Terry Healy Group Ltd in provisional liquidation
Restructuring Advisory Partners, Callum Carmichael and Chad Griffin, have been appointed joint provisional liquidators of Dalkeith-based Terry Healy Group, a leading East of Scotland all-trades building and home improvements business.
Founded in 2014 and headquartered in Dalkeith, East Lothian, Terry Healy Group provided a full range of building, electrical, heating, roofing, renewable and plumbing services to trade and domestic clients. The company also supplied windows and doors and operated a 24-hour emergency repairs and maintenance service.
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 affect 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.
Commenting, Callum Carmichael, Partner at 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 and would ask interested parties to contact the Edinburgh office of FRP as soon as possible on: 0330 055 5455.”
Terry Healy Group had grown rapidly into one of the high profile and respected multi-trades home improvement businesses in the East of Scotland.Callum Charmichael Restructuring Advisory