The House of Beauly, a renowned tourist retail centre outside Inverness that had employed 14 full and part-time staff, has been placed into the hands of liquidators from Begbies Traynor.
The tourist and gift retail centre, clothes retailer and café on Station Road in Beauly has traded for over 20 years, and won recognition as UK Visitor Centre of the Year in 2008, but its fortunes have reversed in recent years as customer numbers and revenues fell.
Ken Pattullo and David Menzies of Begbies Traynor were appointed as joint provisional liquidators of House of Beauly Limited on 9th August at the request of the directors.
The company will continue to trade for a period of time in order to realise the value of stock but is likely to be closed within a matter of weeks after the retail stocks have been sold to either trade or members of the public at reduced rates.
“Unfortunately, without the funds available to pay staff wages, we were left with no choice but to make four staff redundant immediately. A further ten staff will remain with us to help us liquidate the stock over the coming weeks, but I am afraid there isn’t any real hope of retaining any jobs within the business,” said David Menzies of Begbies Traynor.
“This was a successful business in the past, and without the debt that the firm has built up, and the right management skills to run the firm, it could again be viable, but unfortunately in this economic climate it is more likely that the property will be acquired on its own rather than the business as a whole,” he added.
The 0.7 hectare site is adjacent to residential land on the outskirts of Beauly and the existing retail and café premises total an area of 18,000 sq ft in addition to a large car park. The property is the company’s main asset and could be suitable for retail, commercial or residential use, subject to planning consents.
“We are actively working to liquidate the company’s extensive stocks of gifts and clothing. We are also close to appointing property agents and are already receiving enquiries regarding the property at our Aberdeen offices,” added Mr Menzies.
The directors of the firm were unavailable for further comment.
Ken joined the Glasgow office of Begbies Traynor in 2003, before overseeing the firm's expansion into further offices in Edinburgh, Dundee, Aberdeen and Belfast. He previously worked at KPMG, Ernst & Young and PricewaterhouseCoopers in Scotland. He has a broad range of experience in Corporate Rescue and Recovery, as well as in turnaround and restructuring, corporate and personal insolvency, investigations and IBRs.
Specialisms: Licensed trade, haulage, property investment/development, construction, agriculture engineering/manufacturing.