Mon, 29 Nov 2021 | ADMINISTRATION
Countesswells Development Limited (CDL), a company behind the Countesswells new town near Aberdeen, has been placed into administration. CDL, a wholly-owned subsidiary of Stewart Milne Group, was overseeing the development of the £800 million project.
FRP Advisory partners Tom MacLennan, Iain Fraser and Chad Griffin have been appointed as joint administrators to the firm and will now seek to secure the future of the project and finalise the current construction.
Currently, approximately 900 premises are built or under construction. These include affordable and private homes, commercial properties and community-focused buildings. The development is being built by a range of commercial, residential and public sector firms according to a wider masterplan.
Ultimately, Countesswells was planned to encompass around 3,100 homes set across 400 acres, with affordable home developments, private residential builds, retail, leisure and commercial facilities and schools.
Joint administrator Tom MacLennan commented: “Our immediate priority will be to secure the site and finalise current construction, including completion of much-needed affordable housing projects. We will be reviewing the various land bank assets in line with the development plans and will work closely with the various stakeholders on the future development of the site.”
Speaking to Aberdeen’s The Press and Journal, a CDL spokesperson said: “We are extremely disappointed that CDL, set up to deliver Countesswells, one of the most visionary and environmentally pioneering new communities in the UK, has been placed into administration.”
“We firmly believe in the future of the project and will, of course, co-operate fully with the administrators to help ensure that the vision, which many people share for Countesswells, is realised. In the meantime, all existing construction work on the affordable homes at Countesswells will continue, and these homes will be completed and ready to move into as planned.”
View the latest distressed UK businesses here.
A commercial business operating as a main contractor that provides commercial construction works, from shop fitting to local authority planned maintenance and construction. The business operates throughout the South East, Brighton, Bognor Regis, Litt...
London-based construction business formed in 2005 with scope for further expansion is offered for sale either leasehold or freehold basis.
Opportunity to acquire a 2013 established timber building specialist located in Manchester with a substantial clientele and a reliable supply chain.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.