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

Major Innovator of Job Search Technology & Related Platforms
East of England, UK

One of the top job search portals - developed in-house - with over 1m UK-based vacancies available from employers operating in nearly all sectors across the UK. Also develops & operates a series of complementary platforms & mobile apps for use within...

Asking Price: Offers Invited
Turnover: £3,400,000

Supply of Flanges, Butt Welds & Machining
UK Wide

Manufacture and supply of high quality, hard metal, flanges and butt welds with machining services. Enviable reputation. Niche offering. Long standing relationships with suppliers. In-house manufacturing capabilities. Diverse client base including m...

Asking Price: Offers Invited
Turnover: £1,100,000

Road Surfacing & Civil Engineering Contractor
Scotland, UK

Public and private sector road surfacing and civil engineering contractor with a prestigious Royal Warrant for Road Maintenance. Provides roadworks, groundworks and civil engineering services. Diverse customer base including Royal Estates, local auth...

Asking Price: Offers Invited
Turnover: £3,800,000


View more businesses for sale

News Search

Latest News

 
19
 
Jan
 

Luxury lodging group enters administration | ADMINISTRATION

An Essex-based company which operates eight luxury lodge par...

 
17
 
Jan
 

Fine paper business enters administration | ADMINISTRATION

Arjowiggins UK, which operates a number of trading companies...

 
15
 
Jan
 

Hawk Plant enters administration | ADMINISTRATION

The Shropshire company, that has previously undertaken landm...

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