Construction firm Stewart McNee of Dunoon enters administration

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.


Share this article



Latest Businesses for Sale

High-Technology Business
UK Wide

Focused on advances in energy storage, energy harvesting motor and drive systems and software. Several projects are approaching proof-of-concept stage and will be ready for commercialisation in the near future. Driven by a highly experienced and qual...

Asking Price: Offers Invited
Turnover: £5,000,000

FREEHOLD


Distributor of Powered Lift Platforms
UK Wide

Specialises in the supply, installation and servicing of industry-leading, mainly pneumatically operated personnel lifting equipment for the industrial and transport sectors. Operates directly as the sole UK and Ireland distributor for an internation...

Asking Price: Offers Invited
Turnover: £1,000,000

LEASEHOLD


Technology Company with Unique Reusable Core Business for the Newspaper Trade (Fast Sale)
South East, UK

Interested parties are required to submit an expression of interest by 5pm on Tuesday 30th July 2019 with offers to be provided by 3pm on Thursday 1st August 2019. An opportunity exists to acquire the business and assets of this division of a highly...

Asking Price: Offers Invited
Turnover: £300k - £1m


View more businesses for sale

News Search

Latest News

 
23
 
Jul
 

Award-winning American diner put up for sale | BUSINESS SALE

An award-winning 50s-style American diner in Albert Village,...

 
22
 
Jul
 

Ayr Artwork firm goes into administration | BUSINESS SALE

The Steve Brown art company has announced that it has entere...

 
19
 
Jul
 

Outdoor activity centre completes MBO | BUSINESS SALE

An outdoor water activity centre has been successfully sold ...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources