Fri, 19 Aug 2011 | ADMINISTRATION
Administrators are beginning the sale process on the assets of another Scottish building company, after Strathclyde Homes entered administration yesterday.
The company, which is based in Cumbernauld, has been placed into the hands of administrators from Deloitte, who are now looking at selling off its assets - including the three developments that are currently under construction.
Strathclyde Homes once had a turnover of £45 million and had a staff of 97. The company had, however, been scaling down its operations since 2009 and had been accumulating debt. Some 18 jobs have been lost with the administration.
John Reid, from the Deloitte restructuring business, who is handling the administration said, "The housing market remains subdued which has unfortunately resulted in Strathclyde Homes being unable to continue trading as a viable business. Our priority now is to ensure we realise maximum value from the company’s assets."
The company has built more than 1,100 homes throughout Scotland since it was founded in 1990. It is the title sponsor of Dumbarton Football Club’s stadium, but no mention has been made yet of whether the name of the stadium will now change.
The company's three current developments are underway in Clydebank, Bathgate and Fauldhouse.
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