A housebuilder with developments in and around Glasgow has gone bust.

Merchant Homes, which has an “unfinished” estate in Easterhouse and permission to build flats on land owned by Rangers FC has appointed liquidators for the business.

The firm specialised in private and social housing but said a number of factors led to the decision to cease trading.

Liquidators, Opus Restructuring & Insolvency, have confirmed Merchant Homes has ceased trading and 22 employees have been made redundant.

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The announcement follows the news yesterday that major housing developer Stewart Milne Group had gone into administration.

Merchant Homes had permission from Glasgow City Council to build 160 flats on the Albion car park, adjacent to Ibrox Stadium.

Glasgow Times:

The plan was for social rented homes two U-shaped four-storey blocks in red brick to complement the Ibrox main stand.

It had also completed homes in Easterhouse but residents have complained that other external work had not been delivered.

Glasgow Times:

Residents have reported a playpark and landscaped areas remain unfinished.

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Provisional liquidators were appointed last month.

The liquidators cited increasing costs, inflationary pressures, unforeseen delays to new contacts and a general downturn in buyer confidence across the sector resulting from the rise in interest rates as reasons for the company going out of business.

The firm had contracts worth around £20m across Scotland including east Kilbride and permission for flats in Glasgow.

Mark Harper and Steven John Parker, from Opus Restructuring & Insolvency have been appointed joint liquidators.

Mark Harper said: “For some time, the construction industry has been experiencing extreme challenges.

“The rate of failure in the sector is at its highest in over a decade, rising material costs, inflation, planning delays, and skills shortages have all contributed to the distress.”

As well as private housing, Merchant Homes had a partnership with Sanctuary Housing to build social rented homes.

Are you affected by Merchant Homes going into liquidation contact the Glasgow Times at news@glasgowtimes.co.uk or the news desk on 0141 302 7005