Developer behind Loch Fyne homes collapses amid delays and cost overruns
Reading time: 1 minute
A company set up to deliver a new housing development in Strachur, Argyll and Bute, has entered administration following what administrators described as “significant completion delays and cost overruns”.
Wbg has been appointed to handle the insolvency and confirmed that creditors include the project’s contracted builder and a secured lender.
A spokesperson said the vehicle — Bay Homes — had been created solely to deliver the Loch Fyne scheme.
“Bay Homes is an SPV for a residential development at Strachur, Loch Fyne,” the spokesperson said. “The site has planning consent for 16 properties – 14 have been built and sold and the remaining two will shortly be marketed for sale.”
According to information provided to administrators, the company has no employees. Its main creditors are secured lender Prydis Trustees, contractor McNee Building Services, and the directors.
Wbg partners Gordon McIntyre and Donald McKinnon were appointed administrators after the project encountered major delays and rising costs.
Share this article:
Subscribe to our newsletter to not miss articles like this one:
SUBSCRIBE
