Administrators have been appointed at the FM Group of companies, which includes the developers behind the flagship £40m development at the Ury Estate near Stonehaven, where, as well as a golf course, the plans include a hotel, 230 houses and the redevelopment of historic Ury House.
Seven companies in the Edinburgh-based FM Group were taken into joint administration by Fraser Gray, Elizabeth Mackay and Anne O‘Keefe, of international recovery specialist Zolfo Cooper.
They were FM Herald Building; FM Granton; FM Property and Leisure; FM Developments; FM Commercial; FM St Vincent St and FM Homes. Fraser Gray and Elizabeth Mackay were also appointed joint administrators over a further three companies in the FM Group. They were FM City Quay Dundee; RPH Kennoway and RPH Libberton.
Fraser Gray said they were firmly committed to exploring the future options available for the development, where Jack Nicklaus is the golf course architect. “This development has received strong support from local stakeholders and, with this in mind, we will be assessing the best way forward over the coming weeks,” he said.
On behalf of Jack Nicklaus Scott Tolley, Director of Communications, told GBN last night, “We are just learning about this news, so I really can’t provide you a statement of any real substance until we have an opportunity to discuss this with the team at FM.
“We have enjoyed a wonderful working relationship thus far with the Milne family, and we both respect and appreciate their passion for golf and bringing the best possible golf experience to that area. Jack has visited the site on numerous occasions and is excited about the potential golf course this unique canvas could yield, so it is safe to say that we are truly hopeful the project can move forward and we can complete the golf course.”
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