Two sister companies involved in the design and construction of luxury Manx homes for the wealthy have ceased trading with debts totalling more than £1m.
A creditors’ meeting will be held on September 20 to appoint a liquidator for island-registered Richmond Square Design Ltd and Richmond Square Construction Ltd. Between them, the two companies employ about 10 staff.
A third company which is part of the Richmond Square group, Richmond Square Estates Ltd, is not involved in the voluntary liquidation.
The creditors’ meeting, which will be held at the Claremont Hotel in Douglas, has been called by the company’s directors including managing director Jim Brookman.
Proposed liquidator is KPMG whose managing director Mike Fayle said: ‘A company can call a creditors’ meeting itself when it cannot continue to trade.’
It is understood the two companies had significant debts amounting to a seven-figure sum and there are than 200 creditors including suppliers and the government.
The possibility of finding a buyer cannot be ruled out but the most likely outcome would be for the two companies to be wound up.
Richmond Square has been involved in a number of top end developments including Ballacomish House, Ronague, and a design brief for Ballamona, a £30m mansion planned in Port Soderick with its own lake and private beach.