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

Luxury Kennels & Cattery
Yorkshire and the Humber, UK

Luxury kennels and cattery with professional grooming parlour (licensed for 142 dogs and 26 cats) in Peterborough for Sale. An opportunity to acquire this luxury kennels and cattery with stunning spacious four bedroom detached residence which must be...

Asking Price: £1,500,000
Turnover: £522,542

LEASEHOLD


Haulage Business
South Wales, Wales, UK

The business has been established for a number of years and has been owned and operated by the founder since that date. Offers invited.

Asking Price: £850,000
Turnover: £2,595,443

FREEHOLD


Bar & Function Room
Ilkley, Yorkshire and the Humber, UK

Situated in the heart of Ilkley town centre just off the busy Brook Street. The yard is a stylish bar offering a wide range of drinks, good, quality food, music with varied DJ’s and live artists all encompassed in an interesting layout. Offers invite...

Asking Price: £775,000
Turnover: £600,000

FREEHOLD



View more businesses for sale

News Search

Latest News

 
22
 
Mar
 

Scunthorpe nightclub up for sale | BUSINESS SALE

A former nightclub based in Scunthorpe has been put up for s...

 
21
 
Mar
 

Kent Logistics provider completes a successful acquisition | BUSINESS SALE

A Kent-based personalised logistics provider, backed by Livi...

 
20
 
Mar
 

Warrington construction company enters administration | ADMINISTRATION

A prominent construction business headquartered in Orford Gr...

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