Lomond Homes in administration

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Housebuilder Lomond Homes fell into administration last night after Fife Council demanded £500,000 in outstanding payments.

Graham Frost of accountancy firm PwC said Lomond had no employees and had “almost no construction activity being undertaken at present”. He will try to sell its landbanks in Fife and Clackmannanshire “with a view to realising value for creditors”.

The Fife-based firm is understood to have outstanding debts of more than £25 million.

Earlier this week Fife Council issued a demand for the housebuilder to pay £494,000 on outstanding charges.

Eileen Rowand, the council’s head of revenue said: “The council has a duty to protect public money and collect what is owed.”