Tue, 11 Jun 2013 | ADMINISTRATION
Caithness Stone Industries Ltd has entered administration after being hit by rising competition and costs.
Iain Fraser and Tom MacLennan of RSM Tenon have been brought in as the joint administrators, and are working to assess the situation at the firm before taking further action to resolve matters.
Established in 1999, the firm became one of the main quarriers and processors of Caithness stone, operating from its base in Spittal, Northumberland.
Caithness operated several quarries, and also processed and despatched the finished stone. It had provided stone for the Scottish Parliament building and the British Memorial Garden in New York, as well as modern building projects and many hotels, visitor centres and public buildings.
To generate more business, Caithness also created some stone-based products for the kitchen, bathrooms, garden and furniture.
The business had a turnover of £3 million in 2012, but its investments and tough competition in the industry had left it with crippling cash flow difficulties.
Mr Fraser commented: “Caithness Stone Industries had a high profile as one of the leading suppliers and processors of Caithness Stone.
“The company invested heavily in new technology in order to improve the efficiency of extraction and processing, and successfully diversified into new residential markets.
“We will now undertake a thorough review of Caithness Strong Industries Ltd, the results of which will determine the next steps for the administration.”
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