CUMBERNAULD-based housing company Strathclyde Homes has fallen victim to the recession and is now in the hands of receivers.
The Castlecary development company has suffered from the downturn in the housing market and swelling debts have resulted in job losses with the company’s assets now being sold off.
Eighteen of the 19 staff employed by the company have been made redundant, with the remaining member of staff continuing to work alongside the receivers.
The directors of Strathclyde Homes Ltd appointed John Reid and Brian Milne of business advisory firm Deloitte as joint receivers of the company on June 27.
John Reid, partner in the restructuring team at Deloitte, said: “The housing market remains subdued which has unfortunately resulted in Strathclyde Homes being unable to continue trading as a viable business. Our priority now is to ensure we realise maximum value from the company’s assets.”
Strathclyde Homes had previously posted positive figures such as a £45m turnover at the height of the housing boom and are also the official sponsors of the football stadium of SFL Division Two side Dumbarton.
The company has three major developments, in Clydebank, Bathgate and Fauldhouse, with additional land bank sites held in Ayr and Glasgow.
The receivers are currently working on a sale process to achieve maximum creditor returns from the existing assets of the business.