A once popular retail and tourist centre in Inverness-shire has entered liquidation – following a significant fall in profits over recent years.
The House of Beauly, located on Station Road in the town, celebrated much of what made the town a favourite with Mary of Queen of Scots. With a cafe and many different shops, it employed 14 members of staff in more than 20 years of trading.
However, following a drop in the number of visitors, Begbies Traynor was called in by the centre’s directors on Thursday of last week.
The liquidators immediately made four of the centre’s employees redundant. A statement released also said that there was little hope for any job retention moving forward. The staff will be kept on only as stock clearance continues over the next few weeks.
Falling customers has affected many local businesses since 2008, though many have managed to secure commercial finance in Scotland to protect them from going to the wall.
Invoice factoring has helped many for example, while invoice discounting companies in Scotland have also helped companies maintain payroll and, in some cases, grow operations.
Talking about the House of Beauly, joint liquidator David Menzies blamed the centre’s fall partly on a lack of clear management:
“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.”
However, he went on to say that the centre’s continued operation is not expected, with the site likely to be acquired.