Wed, 09 May 2012 | ADMINISTRATION
Building firm UBC Group has entered administration after being hit hard by the downturn in the construction industry.
The business, based in Scotland, has appointed Zolfo Cooper as its administrators. Elizabeth Mackay, joint administrator, explained that the business will continue to trade while “all possible options” for its future are explored. This could include the sale of all or sections of the business.
Ms Mackay added: “Working with all stakeholders including employees, customers, suppliers and regional and national governments, our priority now is to stabilise the business and fully assess the financial position such that we can identify the best possible route forward under what are clearly difficult circumstances.”
The building firm employs 277 staff and has an annual turnover of around £31 million across its group of businesses, which includes UBC Holdings Ltd, Wyvis Building Services Ltd, Mardon Project Services Ltd and others.
It has bases around Scotland in busy cities such as Glasgow and Inverness, but also in more remote locations, such as Stornoway and South Uist.
Seumas Pedrana, managing director of UBC, commented on the administration: "The directors have looked at every possible option to avoid administration but it became inevitable because of the general downturn in the building sector and the inability of some companies to pay us."
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