Dundee Construction Firm In Administration
A construction company which employs about 280 workers has been placed in administration.
Dundee-based Muirfield Contracts, a privately-owned construction business operating across Scotland, had earlier sent home all employees before the appointment of administrators was announced today.
The company, whose recent projects include Angus Council's headquarters in Forfar and the refurbishment of Dundee's McManus Galleries, had been suffering from "unsustainable cash flow problems'' despite a turnover of ÂŁ47 million.
Administrators have warned that a "significant'' number of redundancies are likely.
Joint administrators Derek Forsyth and David Hunter, who are partners at the firm Campbell Dallas, are exploring options for the company.
Mr Forsyth said: "Muirfield Contracts is a household name in Scotland's construction sector with an excellent reputation for the quality of its client base and projects.
"Although the company has a large turnover, it had been suffering from unsustainable cash flow problems and despite best efforts to raise additional funding administration was the only option.
"It is likely that a significant number of employees will be made redundant in the early stages of the administration and they will be advised as soon as possible.
"We recognise that this is a very difficult time for all concerned and will do our utmost to provide as much support as we can.''
The company was founded in 1988 and was sold to to Azure Investments, a private equity business, in 2013.