Inverness-based housebuilder Ptarmigan Homes has gone bust, leaving projects unfinished, and contractors and customers many thousands of pounds out of pocket.
A source told The Press and Journal it was believed a “small number” of jobs were axed prior to its collapse.
The company’s demise comes about six years after other firms run by the same owners – Martin Roy and his family – collapsed, leaving behind a trail of debt.
Business as usual for phoenix firm?
Ptarmigan acquired the assets of the Roys’ old businesses, Roy Homes and Roy Homes Timber Frame, in February 2017.
People left high and dry by Ptarmigan are now asking why the “phoenix company” – now in liquidation – was ever allowed to trade.
Mr Roy, the failed firm’s managing director, has not responded to attempts to contact him and Ptarmigan is no longer answering its phone.
‘Maintenance mode’
The company’s website is in “maintenance mode” and its social media accounts have been disabled.
Richard Bathgate, restructuring partner at Aberdeen-based accountants Johnston Carmichael, was appointed provisional liquidator at Inverness Sheriff Court on May 2.
Mr Bathgate said: “I am gathering facts about the company whilst statutory advertising timescales expire, pending my appointment as interim liquidator.
“Creditors are welcome to get in touch with details of any amounts due and any concerns about the business.”
Johnston Carmichael was unable to say how many people Ptarmigan employed at the time of its collapse.
It gave no explanation for why the company went bust, or details of current projects.
One angry supplier who contacted the P&J said he’d been stung a second time, with unpaid invoices totalling about £7,000, having previously lost money as a creditor of Roy Homes.
The contractor, who asked not to be named, said he had been sold “false promises” by Ptarmigan and its owners. “This is history repeating itself,” he added.
Lots of subcontractors are out of pocket by tens of thousands of pounds and suppliers even more.”
His partner was also fuming. “They have done it again,” she said. “They’ve closed their doors leaving a number of people with half-finished houses, having taken most of their money.
“Lots of subcontractors are out of pocket by tens of thousands of pounds and suppliers even more.”
Homes that have been left half-finished will cost a lot more money to complete, leaving their buyers considerably out of pocket.
One of them told the P&J he had been instructed by his solicitor not to comment.
Firm’s collapse was ‘only a matter of time’
Others left nursing losses include Keith, of Hinckley, Leicestershire, who posted on Facebook: “We were with Ptarmigan homes. Having to start from scratch.”
Another Facebook poster said: “It was only a matter of time.”
Roy Homes owed more than £1 million to creditors when it went out of business.
Most of the 17 jobs there were saved when newly formed Ptarmigan took over the assets in 2017.
The existing management team were said to have put together a successful acquisition package which would see building projects completed.
In a small business profile article in the P&J in August 2021, Mr Roy said: “In April 2016 I was offered the opportunity to join the family house-building firm, Roy Homes, and took it.
“My wife, Angela, our two children and I upped sticks and moved north to Inverness to enjoy the new challenge and put my skills to good use.
“Sadly, I discovered a company that was already in a financial position from which it couldn’t recover, and it went into administration shortly after – a bitter blow.
“But this didn’t stop me, and I immediately set up a management team to buy the assets and launch Ptarmigan Homes, which was founded in 2017.”
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