Latest news with #BlairMilne
Yahoo
28-07-2025
- Business
- Yahoo
Scottish charities to share $1m from Balmanno House sale
Nine charities across Scotland are set to benefit from a $1m (£750,000) surplus following the sale of Balmanno House, a registered charity in Glasgow's West End that provided residential care for over 200 years. These charities include Glasgow East End Community Carers, St Francis Care Home, Glasgow Children's Hospital, and The Prince and Princess of Wales Hospice. Other charities such as CrossReach, Association for the Relief of Infirmity in the West of Scotland, Ayrshire Hospice, and Tenovus Scotland Strathclyde were also among the beneficiaries. The distribution follows the liquidation process managed by Blair Milne and James Fennessey, joint liquidators and partners at international business advisory group Azets. Balmanno House was placed into administration in April 2023. The joint administrators continued to operate the care home briefly to facilitate an orderly relocation of residents to alternative care facilities. Following significant interest, the property was sold to RSD Property Holdings for residential development for an undisclosed amount. The sale ensured that all creditors at the time of administration were paid in full, including statutory interest, redundancy pay, and other entitlements owed to the former workforce. The joint liquidators are now finalising arrangements to distribute the surplus funds to charitable causes in line with the wishes of Balmanno House's Trustees. Azets head of Restructuring and Insolvency in Scotland Blair Milne said: 'The challenges facing the care sector have been well documented in recent years, with many care homes caught in a perfect storm of rising labour and operational costs, insufficient public funding, workforce shortages and unstable occupancy levels, all whilst compliance requirements have intensified. Many are operating at very tight margins and unable to increase revenue to meet rising operating costs. Sadly, a number of care homes have had no option but to enter into an insolvency process due to an inability to meet the liabilities of the business.' 'The actions of the Trustees, particularly seeking early advice on cash flow management, helped to ensure an orderly winding down of the care home operation, an optimal outcome from sale of the Company's property asset and ultimately a substantial sum being distributed to charity at the end of the process,' he added. "Scottish charities to share $1m from Balmanno House sale" was originally created and published by International Accounting Bulletin, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Glasgow Times
22-07-2025
- Business
- Glasgow Times
Balmanno House sale funds £1m boost for local charities
Balmanno House was a registered charity that provided residential care in the city's west end for more than 200 years. The home went into administration in April 2023, and efforts were made to ensure a smooth relocation of residents to other care facilities. Blair Milne (Image: Supplied) After receiving a considerable amount of interest, the property was sold to RSD Property Holdings Limited for residential development. The undisclosed sale amount ensured all creditors at the time of administration were paid in full, including statutory interest, redundancy pay, and other entitlements for former staff. Read more: Hamilton firm raises £7k at golf day for Scottish charities The insolvency process transitioned to a liquidation to wrap up the company's affairs and distribute funds to creditors. Blair Milne and James Fennessey, joint liquidators and partners with accountancy firm Azets, are overseeing the distribution of the surplus funds to various charities, in line with the wishes of the Balmanno House trustees. Mr Milne, head of restructuring and insolvency in Scotland at Azets, said: "It gives me great pleasure to see such a substantial sum being made available for distribution to charity. "It is very rare for all creditors to receive full repayment together with interest from any insolvency process, let alone such a substantial sum being made available to charities." Allan Carrick, speaking on behalf of the board of trustees, said: "The former trustees of Balmanno House are delighted with the outcome of the administration and subsequent liquidation and are very pleased that so many deserving charities of their choice will benefit from the distribution of the surplus funds." Mr Milne thanked the trustees for their role in the process. He said: "I would like to express my thanks to the board of trustees for their actions and their support prior to the administration appointment and throughout the insolvency process. "The actions of the trustees, particularly seeking early advice on cash flow management, helped to ensure an orderly winding down of the care home operation, an optimal outcome from sale of the company's property asset, and ultimately a substantial sum being distributed to charity at the end of the process." He acknowledged the challenges faced by the care sector in recent years, saying that many care homes had no choice but to enter insolvency due to rising costs, insufficient funding, staff shortages, and unstable occupancy levels. He said: "As can be seen from the outcome achieved with Balmanno House, taking early advice on restructuring and insolvency ensures that all options remain available, either to restructure and preserve the business or to maximise the value available to stakeholders from a sale of the company's assets." The charities benefiting from the funds include Glasgow East End Community Carers, able2sail, St Francis Care Home, CrossReach, Association for the Relief of Infirmity in the West of Scotland, Ayrshire Hospice, Tenovus Scotland Strathclyde, Glasgow Children's Hospital, and The Prince and Princess of Wales Hospice.
The Herald Scotland
22-07-2025
- Business
- The Herald Scotland
Sale of Glasgow west end care home sale nets £1m for charity
It is one of a number of care homes across the country which have failed under pressure from cost inflation, staff shortages, and a lack of public funding. Balmanno House had 51 rooms, but occupancy levels were said to be consistently at or below 85% which contributed to operating losses. Administrators Blair Milne and James Fennessey at accountancy firm Azets traded Balmanno House, which was built in 1874, for a short period to ensure an orderly relocation of residents to alternative care. Major business survey reveals 'standout' view on 'Scottish visa' Scotch whisky chief pays price as global turmoil hits industry Why the case for a 'Scottish visa' just got stronger I love Scotland but returning from holiday made my heart sink Now, more than two years later and following 'considerable' interest in the property, the building has been sold for residential development for an undisclosed sum. A statement from Azets said the sale of the property to RSD Property Holdings has ensured that all creditors at the date of administration received payment in full, together with statutory interest, including payment of all redundancy pay and other entitlements due to the former workforce. The care home had around 68 employees. Mr Milne, head of restructuring and insolvency at Azets in Scotland, said: 'It gives me great pleasure to see such a substantial sum being made available for distribution to charity. It is very rare for all creditors to receive full repayment together with interest from any insolvency process, let alone such a substantial sum being made available to charities.' He added: 'I would like to express my thanks to the board of trustees for their actions and their support prior to the administration appointment and throughout the insolvency process. The actions of the trustees, particularly seeking early advice on cash flow management, helped to ensure an orderly winding down of the care home operation, an optimal outcome from sale of the company's property asset and ultimately a substantial sum being distributed to charity at the end of the process'. Speaking on behalf of the board of trustees, Allan Carrick, a former chairman of the care home, said: 'The former trustees of Balmanno House are delighted with the outcome of the administration and subsequent liquidation and are very pleased that so many deserving charities of their choice will benefit from the distribution of the surplus funds.' The insolvency process moved to a liquidation to allow the affairs of the company to be wound up and the funds distributed to creditors. A statement said the joint liquidators now plan to finalise matters and to distribute the surplus funds held in the liquidation for charitable purpose, in accordance with the wishes of the trustees of Balmanno House. The charities in line for a share of the windfall include Glasgow East End Community Carers; able2sail; St Francis Care Home; CrossReach; Association for the Relief of Infirmity in the West of Scotland; Ayrshire Hospice; Tenovus Scotland Strathclyde; Glasgow Children's Hospital; and The Prince and Princess of Wales Hospice. Mr Milne added: "The challenges facing the care sector have been well documented in recent years, with many care homes caught in a perfect storm of rising labour and operational costs, insufficient public funding, workforce shortages and unstable occupancy levels, all whilst compliance requirements have intensified. "Many are operating at very tight margins and unable to increase revenue to meet rising operating costs. Sadly, a number of care homes have had no option but to enter into an insolvency process due to an inability to meet the liabilities of the business. 'As can be seen from the outcome achieved with Balmanno House, taking early advice on restructuring and insolvency ensures that all options remain available, either to restructure and preserve the business or to maximise the value available to stakeholders from a sale of the company's assets'.
STV News
13-05-2025
- Business
- STV News
Dozens of jobs lost after hospital pipeline firm collapses
Dozens of jobs have been lost at a Scottish hospital pipeline firm after the company collapsed. Hospital Pipeline Installations Limited (HPI) was placed into administration on May 9 and has ceased trading with immediate effect. The firm, which has its headquarters in Paisley and was founded in 1984, and designs and installs medical, dental, lab and industrial gas pipelines. The business also provided repair and maintenance services and had built a substantial client base including several NHS Health Boards. A total of 22 members of staff have been made redundant, with three retained to assist with the process of administration. The firm also has an office in Rochdale. The administration was said to be caused by a 'marked downturn in trade, rising operating costs and low margin contracts'. HPI at its peak had a turnover of approximately £3m and employed 25 staff. Blair Milne and James Fennessey from advisory firm Azets have been appointed as joint administrators. Mr Milne said: 'HPI was a highly regarded specialist in the field of medical gas pipeline installation and maintenance, providing an essential service to the medical sector, including hospitals and dental practices across the UK. 'The business was suffering from a number of operational and financial challenges and was coming under mounting creditor pressure. 'The directors sought professional advice on their options and ultimately concluded that the company should be placed into administration. 'We will now focus on assisting the employees with their claims for redundancy and other entitlements and on marketing the company's assets for sale. 'The joint administrators would encourage interested parties to contact the Glasgow office of Azets as soon as possible.' Get all the latest news from around the country Follow STV News Scan the QR code on your mobile device for all the latest news from around the country
Scotsman
13-05-2025
- Business
- Scotsman
HPI: Majority of jobs lost as Paisley firm goes bust after 40 years
A total of 22 employees from the Paisley-based firm have been made redundant. Sign up to our Scotsman Money newsletter, covering all you need to know to help manage your money. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... A Scottish company has gone into administration after more than 40 years in business, with dozens of jobs lost. Hospital Pipeline Installations Limited (HPI), a medical gas pipeline installation and servicing specialist, was founded in 1984 with its headquarters based in Paisley. Advertisement Hide Ad Advertisement Hide Ad A leading designer and installer of medical, dental, laboratory and industrial gas pipelines, the firm also provided repair and maintenance services with clients across a number of sectors, including several NHS Health Boards. Blair Milne and James Fennessey, partners with Azets, have been appointed as joint administrators. At its peak, HPI had a turnover of approximately £3 million and employed 25 staff. However, despite the efforts of directors, due to a downturn in trade, rising operating costs and low margin contracts - all of which contributed to recent losses and cash flow problems - the decision to place the business into administration was made. A total of 22 employees from the company, which also has an office in Rochdale, have been made redundant with three retained in order to assist with the administration process and safeguard assets. Advertisement Hide Ad Advertisement Hide Ad Paisley-based firm placed into administration after 'mounting creditor pressure' Commenting, Blair Milne said: 'HPI was a highly regarded specialist in the field of medical gas pipeline installation and maintenance, providing an essential service to the medical sector, including hospitals and dental practices across the UK. The business was suffering from a number of operational and financial challenges and was coming under mounting creditor pressure. 'The Directors sought professional advice on their options and ultimately concluded that the Company should be placed into administration.' He added that administrators would be focused on providing staff affected by redundancy with support, including liaising with the Redundancy Payments Office and employment support organisations such as PACE He said: 'We will now focus on assisting the employees with their claims for redundancy and other entitlements and on marketing the Company's assets for sale. The joint administrators would encourage interested parties to contact the Glasgow office of Azets as soon as possible.'
