ADMINISTRATORS have concluded the sale of stricken contractor McGill & Co and certain assets to Catalus Energy Investments.
Dundee-headquartered McGill & Co entered administration on 1 February, with Blair Nimmo and Geoff Jacobs of KPMG being appointed joint administrators. The company specialised in mechanical and electrical services, facilities management, social housing, private residential and fibre and wireless. Key assets were four freehold properties, contracts, construction equipment and the contractor’s order book.
Immediately following the appointment, the administrators implemented an accelerated marketing process for the business and assets. Catalus Energy Investments, owned by Dundee-based businessman Graeme Carling, was named as the preferred bidder on 26 February and granted a short period of exclusivity to acquire the business.
The company has now acquired the business, order book, the majority of the company’s construction equipment, intellectual property and the right to use the company name and trademarks. Catalus has also entered into an agreement to acquire McGill & Co’s head office in Dundee.
Director Graeme Carling commented, “We are delighted to confirm our purchase of the assets, business and goodwill of McGill & Co. Over the past month we have worked tirelessly to reach an agreement which allows us to move forward with our plans to re-establish McGill & Co.
“Our team have examined all information available to us and we now enter a period of engagement with previous customers and contracts. Moving forward, financial prudence will be the top priority while we outline the direction for the company and we plan to build a quality and skilled workforce to deliver on profitable contracts.”
The remaining assets including freehold properties in Glasgow and Dundee are being realised by the joint administrators together with work in progress, debtors and other amounts due to the company.
Blair Nimmo, joint administrator and head of restructuring for KPMG added, “We would like to thank everyone involved for their significant efforts in helping to deliver this outcome. We are very pleased to have concluded the sale of these assets to Catalus Energy Investments, which will provide the best outcome for the company’s creditors and may also generate the opportunity for future employment. We wish Catalus Energy every success for the future.”