Wed, 19 Apr 2023 | ADMINISTRATION
A contractor based in Helensburgh, Scotland that has been operating for more than 60 years has fallen into liquidation and ceased trading as pressure continues to mount on businesses in the UK construction sector.
Stewart and Shields provided building services including local authority work, commercial construction, social housing and private and residential contracts across the country. Despite being longstanding and well-established, the company encountered cashflow difficulties amid rising costs for raw materials and a skills shortage.
Blair Nimmo and Alistair McAlinden of Interpath Advisory have now been appointed as joint provisional liquidators to the company, which reported fixed assets of £1.6 million, current assets of £3.28 million and net assets amounting to slightly over £1 million in its accounts for the year to August 31 2021.
Joint provisional liquidator and Interpath Advisory Chief Executive Blair Nimmo commented: “The collapse of Stewart and Shields Limited is another indicator of the challenges and economic headwinds currently facing the Scottish construction sector.”
“The Directors fought hard to save this long-standing family-run business, but the construction industry has experienced several challenges over recent years, with rising raw material costs, supply chain disruption and labour challenges putting businesses under increased pressure.”
Alistair McAlinden, joint provisional liquidator and head of Interpath Advisory in Scotland, added: “Our priority is to assist those members of staff who have been made redundant, providing them with the information and support they need to claim their statutory entitlements from the Redundancy Payments Office, as well as to support the owners, for whom this is also a very difficult time.”
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