Tue, 28 Jul 2015 | ADMINISTRATION
Cash flow pressures have pushed a well-established Scottish construction firm into administration.
A contractual dispute and a downturn in the construction market are being blamed for cash flow pressures at the family-run firm, Stewart McNee of Dunoon, which has made 60 employees redundant.
According to the administrators' statement, the "highly-respected" construction business generated turnover of £9.2 million and employed more than 60 staff at its peak in 2010. However, it was unable to recover from tough trading conditions after the construction downturn.
Blair Nimmo and Tony Friar of KPMG were appointed as joint administrators of the firm on Thursday 23 July 2015 at the request of the company’s directors.
Mr Nimmo said: “It is highly regrettable that such a long-established family business and significant employer in the Cowal Peninsula has succumbed to market and cash flow pressures."
“Our immediate priorities are to ensure that all employees are supported, working closely with the relevant government agencies. We will explore the possibility of transferring existing contracts to another contractor as we seek to maximise asset realisations.”
Stewart McNee, which operates predominantly in west central Scotland, the Cowal Peninsula and the surrounding islands, won the Regional and Scottish National awards in the Medium employer category in 2010 for training and development.
The Argyll based company has worked in both the commercial and public sector as main contractors, with large clients including Scottish Water, Edinburgh City Council and Fife Council.
View other businesses for sale in Scotland.
The company offers an aluminium design, fabrication and installation service, specialising in aluminium windows, doors and curtain walling systems. The company works closely with a number of prestigious suppliers and subcontractors in order to provid...
The company provides a diverse range of solutions to clients across the healthcare sector, including temporary staffing, supported living, and complex care. To complement its core services, the business has developed its own app, enabling healthcare...
The company offers the hire of a wide range of high-quality, modern plant, access, and tools regionally. Priding itself on its outstanding customer service and large, loyal client base, the company also provides training for IPAF courses through an e...
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.