From the administrators' statement

The Company only asset is a development site at Birlinn Brae, Strachur, Cairndow PA27 8DT. Planning permission for this site is in place for 16 properties: 14 of which have been built and sold. There are two remaining plots: foundations are in place for one and work has still to commence on the other.

Completion of the development is over three years late due to a number of issues. As a result of the delays and an increase in the debt position, the Company was unable to meet its financial obligations to the secured lender. Following discussions between the directors and the secured lender, steps were taken by the directors to place the Company in Administration.

Statutory information relating to the Company and the Administration is provided at Appendix A.

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Bay Homes (Strachur) Ltd (SC653557)

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