A Scottish housebuilding company has been placed into administration.
The property developer was midway through a significant building project in Newburgh.
Gordon McIntyre and Donald McKinnon of Wbg have been appointed joint administrators to Acony Bell Limited. The firm was converting two barns into homes.
An administrators’ report on the Fife project stated that “it is understood that Lowry Capital is owed in the region of £580,597 and interest continues to accrue”, adding: “The level of distribution to Lowry Capital is depended upon the sale values achieved for the land and buildings.”
Scottish housebuilder collapses into administration midway through development (Image: Getty Images)
Companies House documents show there were two employees in 2024.
A spokesperson for Wbg said: “Acony Bell is a property development company which was involved in the conversion of a barn into two residential properties.
“Work on one of the two properties was at an advanced stage however work on the second property was at an early stage of completion. The company had no employees at the date of administration.”
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The spokesperson also said: “According to the director, the company had insufficient working capital to complete the required construction works. This caused delays which resulted in the company defaulting on its payment obligations.
“The secured lender took steps to recover its debt which proved unsuccessful, and as a result it appointed Gordon McIntyre and Donald McKinnon of Wbg as joint administrators.”
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The Wbg spokesperson said: “An assessment of the required works on the property that is at an advanced stage of completion is currently being undertaken.
“Once this has been completed, a decision will be taken on how best to maximise sale prices. A sales agent will be instructed shortly to sell the property that is at an early stage of completion.”
The administrators’ report added: “Based on information currently available, the administrators believe that the company has insufficient property to enable a distribution to be made to unsecured creditors, except from the prescribed part if applicable.”
The collapse follows the earlier administration of a company behind a new housing development at Loch Fyne. The administration of Bay Homes (Strachur) came amid “significant completion delays and cost overruns”.