BONNYRIGG-based construction firm Crummock has ceased trading with immediate effect, resulting in 287 redundancies.
The company, which offered a range of civil engineering and surface construction solutions including groundworks, infrastructure works, roadworks and road surfacing, placed itself into receivership, citing cashflow issues.
Matt Henderson and Donald McNaught, restructuring partners at Johnson Carmichael, have been appointed as joint receivers for the trio of companies that form Crummock – Crummock (Scotland) Ltd, Crummock Holdings Ltd and Crummock Ltd.
Matt Henderson commented, “Crummock is a long-established construction business which, like many in the industry, has suffered from reduced margins in recent times. In recent months it has also encountered cashflow difficulties due to high retention levels, the tight margins within the sector and business-specific issues.
“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.”