Housebuilder goes into receivership following poor house sales in Scotland
A Scottish housebuilder has collapsed with the loss of 18 jobs.
Strathcylde Homes went into receivership after poor sales meant it was unable to pay off debts.
The firm had 97 employees in 2008 but it recorded losses of £18m in the same year, and according to its most recent accounts had a net debt of £25.7m.
The receiver Deloitte said the 21-year-old firm had “experienced sustained cash-flow problems caused by the downturn in the housing market”.
Deloitte said Strathclyde had three major developments in Clydebank, Bathgate and Fauldhouse, according to the Scotsman.
The company’s timber frame business, Strathclyde Timber Systems, was placed in administration in 2009.
Deloitte said assets were now being sold in an attempt to recover debts.