A UK housing developer has plunged into liquidation after being in business for 20 years. Glasgow-based Woodside Homes Limited has been placed into a members’ voluntary liquidation and must now settle all outstanding debts in full, which it is expected to do.
FRP Advisory has been appointed as the liquidator following a general meeting, according to public documents on Companies House. Shareholders have agreed “that the company be wound up voluntarily” under the process used when a firm can pay all of its liabilities, but its owners still choose to close it.
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 showed Bay Homes was incorporated in 2020, and is now listed as being in administration.
Giuseppe Parla of Menzies LLP said this was the result of mounting pressure on business rates alongside “persistent geopolitical uncertainty”.
The construction, wholesale and retail, real estate, and food and beverage industries have all been affected by the higher costs, tighter credit, and fluctuating demand.