Eighteen sites for sale after Elphinstone Estates enters administration

Scottish land developer Elphinstone Estates has entered administration, having fallen victim to a fall in demand for housing and land purchases.

KPMG has been hired to manage the administration process and to sell the 18 sites and properties owned by Elphinstone across Scotland. It has land in areas including Penicuik, Newton Mearns, Newton St Boswells and Stirling.

The firm’s cashflow difficulties were made worse by, “the reduction in construction, particularly residential…with demand for development sites dropping significantly with a consequent impact on land values”, said Blair Nimmo at KPMG in Scotland.

Two bouts of redundancies, carried out by the directors, were implemented over 2010 and 2009 in order to reduce costs. This measure, leaving 13 employees, had little effect on trading losses and financial problems.

Mr Nimmo said: “There are several attractive sites in prime locations, and the administration provides an opportunity for a buyer to acquire quality development land assets.”

Incorporated in 2007, Elphinstone Estates Limited does not appear to have any turnover figures listed, while its total fixed assets for the year to 31 December 2008 stood at £5.8 million.

Several related companies were also put into administration, these are: Elphinstone Holdings Limited; Elphinstone Estates Limited; Elphinstone Elgin Limited; Elphinstone Land Limited; Elphinstone Baillieston Limited; Elphinstone Barcapel Limited; Commodore Homes (Lanarkshire) Limited; UA Group Limited; Patterton SPV Limited; and Elphinstone Halls Limited.

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