Mon, 22 Feb 2010 | ADMINISTRATION
50-year old house-building company The Thomas Mitchell Group has entered administration, with the appointment of joint administrators Blair Nimmo and Gary Fraser of KPMG Restructuring.
The company had been experiencing acute financial pressures while the whole construction sector had been badly affected by the recession. The administrators are currently reviewing the options, which include selling some or perhaps the entire group of businesses.
Construction at two sites in West Fife ceased when the staff was informed of the impending administration. Up to 95 employees now face redundancy.
The company, based in Fife, is comprised of four businesses: Thomas Mitchell Homes Limited, which is the main construction business; Thomas Mitchell Timber Frames Limited; Thomas Mitchell Developments Limited, a property investment arm; and Addacabin Limited.
Mitchell Thornton Limited, a separate firm that manages land and investment properties for future development, has also been affected by the group's demise.
The father of the current directors Alen and Graeme Mitchell founded the business in 1958.
It recorded a turnover of £29.8m for the year to 31st December 2009 and sold a total of 143 homes in the twelve month period.
Thomas Mitchell pioneered the use of timber frames in the building of houses where only bricks or breeze blocks were used before.
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