Daviot Group, the Highland company that last year described itself as one of the fastest-growing civil engineering businesses in the UK, has collapsed with the loss of all 31 jobs.
Liquidator Gordon MacLure of Johnston Carmichael said the group had encountered cash flow difficulties. “The business was in the process of completing the final stages of a number of cable-laying contracts and it had been hoped that, through negotiations with main contractors, it could continue to operate until at least the end of the year, however, this was not possible.”
Accounts reveal heavy losses last year with a pre-tax loss of £2.3m against profits of nearly £970,000 in 2015. Turnover had slumped by 26% to £18.86m compared with the previous £25.5m.
Separate, consolidated accounts for Daviot Group Holdings show even bigger pre-tax losses of £3.5m compared with profits of £1.5m in 2015.
The group, which was sold last autumn by Singapore-based Fasih Rehman to Wyvis Holdings, described itself as one of the fastest-growing civil engineering companies in the UK after expanding into onshore wind, hydro schemes, transmission lines, roadworks and cabling. It had been involved in a number of high-profile projects including the Beauly-Denny overhead transmission line project for which it built more than 50km of access tracks.
A spokesman for the liquidator said the holding company itself was not in liquidation, nor was DGL sister company, Daviot Group Plant.
Article posted 11/10/2017
Want the latest updates from Scottish Plant? Email here with ‘subscribe’ in the subject box.