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.”
Download our free guide: How to find and buy distressed businesses and assets
Read more about the strain on the UK construction sector.
View recent administrations.
Turnkey construction services provider completing a range of projects with expertise across maintenance general refurbishment new build and conservation including work on listed buildings. The company provides full-service construction works utilisin...
Well regarded and esteemed providers of a highly developed range of lighting systems installed in offices schools and hospitals primarily in London and the South-East but also further afield across the UK. Owning the intellectual property for its des...
Opportunity to acquire a business specializing in civil and marine construction and welding. Aside from contract lifting it also supplies and erects large structures including the largest landmark building in Guernsey. In addition to operating primar...
02
|
May
|
Scottish law firms WJM and Davidson Chalmers Stewart merge | MERGER
Scottish law firms Wright, Johnston & Mackenzie LLP (WJM) an...
01
|
May
|
Cybersecurity firm Brigantia bought by European peer | BUSINESS SALE
North Yorkshire cybersecurity distributor Brigantia Partners...
01
|
May
|
Historic pottery company Moorcroft goes out of business | ADMINISTRATION
The directors of 128-year-old Moorcroft Pottery have announc...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.