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.
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