Nearly 300 employees have been made redundant following the collapse of Midlothian civil engineering business Crummock.
Industry rumours that the Bonnyrigg company was in trouble were confirmed this afternoon. High retention levels, tight margins and “business specific issues” were blamed for the collapse.
Matt Henderson and Donald McNaught of Johnston Carmichael have been appointed joint receivers for Crummock (Scotland), Crummock Holdings and Crummock Ltd. Henderson said:“Unfortunately, the business was unable to raise the capital to enable it to overcome the current financial challenges it faces and we are now dealing with creditors’ claims.”
Crummock divisions have been involved in road construction and surfacing throughout Scotland and the north of England. High-profile contracts included the Donaldson School residential development in Edinburgh and Fort Kinnaird Retail Park.
Elsewhere, Langholm-based T Graham & Son (Builders) Ltd ceased trading yesterday. Liquidator Keith Anderson of MLM Solutions said the firm had suffered a fall in turnover and increasing price competition.
“This, coupled with delays in completing contracts, has resulted in significant trading losses and severe cash flow difficulties. We are working with the employees and liaising with other agencies to protect the interests of the employees at this very difficult time. Our focus will then be on disposing the company’s assets in order to maximise the recoveries for the creditors.”
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Article posted 1/6/2018