93 redundancies have been confirmed after Wishaw-based M&E specialist Weir & McQuiston entered administration and ceased trading with immediate effect.
Blair Milne and James Fennessey, partners with Azets, have been appointed joint administrators, stating that the administration was caused by ‘unsustainable cash flow problems stemming from wafer thin margins in the construction sector, the cessation of construction activity and the widely reported problems with labour and materials shortages’.
Weir & McQuiston was founded in 1976 and provided a full portfolio of mechanical and electrical design, installation, maintenance, testing and consultancy services.
The administrators said the business had ‘expanded rapidly’ in recent years and diversified into new markets, including the supply of M&E consultancy and services for the renewables sector. Staffing peaked at over 200 in 2019 and the family-run firm was also known for its apprenticeship recruitment and training programme.
The assets will now be marketed for sale including work in progress and plant and equipment, with interested parties encouraged to make contact as soon as possible. The joint administrators will revealed they will also focus on working closely with the Redundancy Payments Office and PACE to ‘minimise the impact’ on staff affected by the closure.
Blair Milne, joint administrator and head of restructuring with Azets, said, “Weir & McQuiston was one of Scotland’s leading mechanical and electrical contracting firms with a quality client base and an excellent reputation across the construction industry. The directors did everything possible to keep the business trading, however the scale of cash flow problems and the impact of the lockdown left them with no alternative other than to cease trading and place the company into administration.
“We will now focus on realising as much value from the assets as possible for the creditors and would ask interested parties to contact our Glasgow office as soon as possible.”